Sprint Corp (NYSE:S) has announced that it has reached an agreement with Dixons Carphone, the European wireless and consumer electronics retailer, which would lead to the opening of 500 Sprint stores across the US. The agreement was reached, after results from a pilot program by the two companies, showed strong sales and strong customer satisfaction.
As per the details of the agreements, the two companies would hold a 50% stake, each, in the stores. The two companies are expected to fund the startup costs of the stores equally. As such, Sprint would be able to expand its retail store footprint in the country. The CEO of Sprint, Marcelo Claure, praised Dixons Carphone as a global leader in the wireless retail industry. He also expressed his confidence in the expansion of Sprint’s distribution network. He also backed up his confidence with the results from the pilot program.
Dixons Carphone is a renowned wireless and consumer electronics company, known for its retail expertise. The company had previously started a joint venture with Best Buy and helped it launch the Best Buy mobile app and the Geek Squad program. The Chief Executive at Dixons, Andrew Harrison, stated that Sprint has been making significant progress, with respect to its retail business and his company is happy to assist Sprint in this regard. He further added that the joint venture would allow his company to expand in the US market.
This agreement marks yet another milestone, in Sprint’s objective of building world-class partnerships to drive business. Added to this, Sprint has also received the GTI Market Development award, for its contribution to further the development of TD-LTE. GTI was founded in 2011 and works to promote and develop TD-LTE technology across the globe. The GTI Award acknowledges the achievements of players in the TD-LTE ecosystem.
Sprint Corp (NYSE:S) closed at a share price of $3.43, after gaining 3.15% during the February 29 session and having a trade volume of 20.03 million.