Currys sees fall in revenue but maintains outlook

7th September 2023 | Jack Oliver

Currys has seen its group revenue decline by 4% during the first 17 weeks of the financial year, but said its guidance for the full year remains unchanged.

In the UK and Ireland, the electronics retailer recorded a year-on-year decline in revenue of 2% in the 17 weeks to 26 August. Currys said it had seen “robust” sales in domestic appliances and mobile devices, however this was offset by weaknesses in other categories, especially computing.

The retailer said its revenue trends were better in July and August, compared to May and June. Currys added that it had maintained gross margin improvements and the delivery of its cost-saving targets.

It also said that it had seen continued positive momentum in its services division, with its credit adoption and protection services growing above expectations.

It added that its mobile services company, iD Mobile had been performing strongly.

Internationally, the group’s revenue declined in the Nordics by 8%, and increased by 3% in Greece.

Alex Baldock, Currys group chief executive, said: “Our priorities this year are simple: to keep the UK Ireland’s encouraging momentum going, and to get the Nordics back on track. 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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