DIXONS Carphone was left redfaced yesterday after admitting its morning trading update had cited negative sales growth as a positive.

The retailer updated the stock market on its Christmas figures yesterday morning, telling investors it had enjoyed a two per cent rise in reported sales.

However, six hours later the firm confirmed it had in fact suffered a two per cent fall. It blamed a "clerical error".

The update hurt the company's four per cent share price gain from earlier, leaving its stock up just 2.3 per cent at 145.7p.

Dixons Carphone stuck to the rest of its numbers after revealing the inaccuracy. Mobile revenue fell nine per cent in the 10 weeks to 4 January, as it had previously guided. Electricals revenue rose two per cent on a like-for-like basis as people bought oversized TVs from the retailer, which also sold 8,000 smart speakers per day over the Christmas period.

Dixons Carphone said it had outperformed the average electricals market decline of three per cent.

International like-for-like revenue rose three per cent, with the Nordics and Greece growing three per cent and six per cent respectively.

Chief executive Alex Baldock said the firm had had a "good peak in a weak UK market and we're on track to deliver what we promised for this year," as he stuck by the firm's full-year guidance.

Shares stayed in the green despite the u-turn, and analysts remained positive about the retailer's trading update.

Richard Lim, chief executive of Retail Economics, said that Dixons Carphone's electricals business had helped it produce some "solid" numbers for investors.

(c) 2020 City A.M., source Newspaper