Currys posts dip in revenue as profit guidance remains ‘unchanged’

The electricals giant recorded a 4% decline in like-for-like group revenue and a 2% dip in revenue in the UK and Ireland.

The group said UK revenue trends were better in July and August compared with May and June, but that “robust sales” in domestic appliances and mobile were offset by weakness in categories such as computing.

Currys’ Nordics division recorded a revenue drop of 8% as the trading environment remained “challenging”. However, gross margin for the region improved due to actions taken to deliver cost savings.

The retailer’s Greek division grew its revenue by 3% and it said its review of the Kotsovolos business is “progressing”, with an update expected in due course.

Currys group chief executive Alex Baldock said: “Our priorities this year are simple: to keep the UK and 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.”