Like for like sales for the year to 29th April 2023 at Currys for the UK & Ireland slipped 7 per cent to £5.1bn with group like-for-likes also down by 7 per cent to £9.5bn. The business experienced freefall from its international business where revenues plummeted by 73 per cent. Adjusted pre-tax profits were £119m which was down from the £192m achieved for the prior year. An impairment charge of £511m from its 2014 merger with Dixons Carphone resulted in a statutory £450m pre-tax loss.
Currys CEO Alex Baldock commented: “We’ve had a very mixed year. Our strengthening UK & Ireland performance shows our strategy is working well. But our long record of success in the Nordics was brought to an abrupt halt.
“Our market has been tough everywhere, with depressed demand, high inflation and unforgiving competition.
“Looking ahead, we’re wary of optimism about consumer spending power. Accordingly we’re being prudent in our planning, and in further strengthening our balance sheet.”
Share