Electronics retailer Currys profits to fall 40% amid costs crisis
City estimates that electronics retailer Currys’ profits will drop nearly 40% amid cost-of-living crisis
City estimates that electronics retailer Currys’ profits will fall by nearly 40 percent as a result of the cost-of-living crisis.
The FTSE 250-listed group, which reports full-year results on Thursday, is expected to have earned around £115 million in the year to April. This is less than £186 million the year before.
Hit hard: Currys saw business boom during the pandemic, but has struggled to keep up since then
Currys and peers, including AO World — which will also publish full-year earnings next week — saw business boom during the pandemic.
But it’s struggled to keep up since then, and many people now avoid replacing bulky items to save money.
Last week, Mike Ashley’s Frasers Group revealed it had built up a stake of more than 10 percent in Currys, formerly known as Dixons Carphone. This makes Sports Direct’s owner the largest shareholder in the company.
Frasers said the investment gave the company an opportunity to build on its “foothold” in the electrical industry through collaboration. Ashley’s outfit has also built up a stake in AO World.