Dixons Carphone execs faced investor ire today after overseeing a share price that has more than halved in the last year.
Speaking at his first AGM as chair Ian Livingston said the Dixons had experienced “a tumultuous time”.
Despite posting record annual returns in June, Livingston said the stock market “had already decided to de-rate our business” because retailers exposed to fluctuations in the dollar “are not flavour of the month”.
Almost a third was wiped off Dixons’ market cap in a matter of minutes in August after the firm revealed a trio of systemic problems.
I‘m sorry and we know how painful this decline has been for all of us.
John Farmer, famous as a dissenting shareholder at a number of the UK’s AGMs, accused the Dixons board of being “asleep on the job”
“Are you not strategically at fault for failing to anticipate and react to developments which led to the profit warning?” he asked.
“Are you really worth the money you’re paying yourselves?”
Chief executive Sebastian James explained the cost of premium mobile phones had risen by around 20 per cent because of the strengthening of the dollar. This led to the length of time Britons waited to change their phones jumping from 24 to 28 months.
He added the decision by the EU to scrap roaming charges had led to a downward revaluation of six years of income the firm stores up on its balance sheet.
Read more: Dixons Carphone shares plummet 30 per cent