British retailer Dixons Carphone said it could achieve cost savings earlier than previously forecast following the merger of Dixons Retail and Carphone Warehouse two months ago.

The retailer held its first strategy day after the all-share merger between Europe's second biggest consumer electronics retailer, Dixons, and Europe's largest independent mobile phone firm, Carphone Warehouse, today. 

It said the group had made fast progress.

The annual cost savings target of £80m by 2017/18 remains in place, centred around head office, people, store and commercial cost savings. 

"Not formally changing the £80m synergy benefit today but now firmly a minimum - and should be achievable faster," the firm said in a presentation, adding some of its biggest decisions on cost and structure had already been made. 

The company said 20 Carphone stores opened within Dixons outlets were performing ahead of expectations with no evidence of material cannibalisation of either operator's sales. 

A total of 30 such stores will have opened by the end of October, the firm said.