British electricals retailer Currys cut its annual profit outlook today after reporting a half-year loss, weighed down by its international markets as a deepening cost-of-living crisis forces customers to cut down on spending.
The company operates in Ireland, the UK and the Nordic region among other markets.
It said it now expected 2023 fiscal year profit before tax to be between £100m and £125m, down from the £130-150m range guided in July.
The profit warning from Currys comes as consumers in Europe, particularly in Britain, are feeling the pinch of surging energy and food bills, and businesses across sectors grapple with tight margins in the wake of soaring inflation.
Currys chief executive Alex Baldock said in a statement that the company's international business saw a difficult first half, with margins falling sharply as domestic competitors with excess stocks gave away heavy discounts.
The group said adjusted pre-tax loss was £17m in the six months ended October 29, compared to a profit of £48m a year earlier.
