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Currys PLC on Wednesday reported a fall in like-for-like sales in its ‘peak’ sales period, the 10 weeks to January 7.
The London-based electronics and electrical goods retailer said like-for-like sales were down 6% from a year ago in the festive shopping period.
Performing the best was the core UK & Ireland sales region, where like-for-like sales fell by 5%, with better than forecast profit due to margin increases and cost savings.
Like-for-like sales in the International division were down 7%. Within this, Nordics sales were down 10% from a year ago. The company highlighted that sales in Greece were up 12% from a year ago. International profit was below forecast amid the sales decline and continued pressure on gross margin, Currys noted.
Looking ahead, Currys said it is confident of achieving an adjusted pretax profit of £100 million to £125 million in financial year 2023, which ends in April, falling at least by 33% from the £186 million it posted for financial 2022.
The company continues to target at least a 3.0% adjusted earnings before interest and tax margin by 2024-25. ‘We aim to continue to improve it thereafter,’ Currys added.
The company expects to release a full-year trading update on April 27.
Currys shares rose 8.0% to 64.75 pence each on Wednesday morning in London.
By Tom Budszus, Alliance News reporter
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