Electricals retailer Currys has today reported a further deterioration in trading at its Nordics business over the Christmas period but kept its recently downgraded financial guidance for its full year.
The group said like-for-like revenue in its UK & Ireland business fell 5% in the ten weeks to January 7 year-on-year.
But it said it managed to achieve better than forecast profits through gross margin increases and cost savings.
It said sales were strong in domestic appliances and mobile, offset by weaker consumer electronics and computing.
In Currys' international business like-for-like revenue fell 7%, with declines in all categories except small appliances.
It said international profits were below forecast, reflecting a 10% sales decline in the Nordics business and continued pressure on gross margin.
Last month, Currys reported an underlying first half loss and cut the profit outlook for its full 2022-23 year, blaming a slowdown in its Nordic markets and unprofitable pricing by competitors.
The group said today it still expected to deliver 2022-23 adjusted profit before tax of £100-125m, down from £186m made in 2021-22.
