Currys records 4% profits dip in latest financials

Currys has announced a drop in profits across most of its markets in the 17 weeks to 26 August but will stick to its annual guidance.

Group revenue dipped by four per cent throughout the period, with two and eight per cent dips recorded in the UK and Nordics respectively.

Of the UK result, Currys said positive sales in domestic appliances and mobile had been offset by weakness in other categories such as computing.

Conceding that the trading environment in the Nordics remained challenging, the retailer said it was working on reducing central headcount, store lease & operating cost reductions, marketing expense rationalisation and goods-not-for-resale supplier consolidation in a bid to deliver cost saving targets.

Despite the impact of wildfires on customer footfall during August, revenue in Greece climbed by three per cent.

“Our priorities this year are simple: to keep the UK&I’s encouraging momentum going, and to get the Nordics back on track,” said Currys group chief executive Alex Baldock. “We’re making good progress on both, in what continues to be a challenging economic environment.

“We remain confident that we’re building a stronger business that’s resilient today and fit to prosper in the longer term.”

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