Electrical retailer Currys has reported adjusted earnings before income and taxes (EBIT) of £31m ($39m) in the first half of fiscal 2023/2024 (H1 2023/24), up 7% year-on-year (YoY) from H1 2022/23.
In the UK and Ireland (UK&I), the retailer’s adjusted EBIT dropped 40% YoY, while the Nordics and Greece each reported adjusted EBIT growth of 300%.
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During the period ending 28 October 2023, Currys recorded revenues of £4.1bn, down by 4% on a like-for-like basis from £4.4bn in H1 2022/23.
The retailer’s revenues for UK&I were £2.21bn in H1 2023/24, down 3% from the same period of the previous year. Its revenues in the Nordics and Greece also dropped 6% and 4% respectively in H1 2023/24.
Currys posted an adjusted loss before tax of £16m in H1 2023/24. Its statutory loss before tax was £46m over the six months, improving on a £548m loss in the same period of the previous year.
The retailer ended the half year with a net debt of £129m.
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By GlobalDataCurrys Group chief executive Alex Baldock stated: “Our priorities this year are simple: to get the Nordics back on track [and] to keep up the UK&I’s encouraging momentum, while strengthening our balance sheet and liquidity. We’re making good progress on all these in a still challenging economic environment.
“In the Nordics, our trusted brands have delivered substantial gross margin gains, which combined with strong cost discipline have resulted in significantly improved profits. There’s still a long way back to healthy Nordics performance, but we’re on the way.
“In the UK&I, profits are in line with expectations, as we focus on more profitable sales and growing the services that drive margins and customer lifetime value.”
In November 2023, Currys entered an agreement to divest Dixons South East Europe to energy company the Public Power Corporation.
