British electrical retailer Currys has reported that its group like-for-like (LFL) revenue for the year-to-date (YTD) has declined by 7% from the same period of last year.
The retailer’s UK & Ireland and International YTD LFL revenues have dropped by 8% and 6% respectively from a year earlier, while its YTD LFL revenue in Greece has increased by 6%.
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In the ten weeks to 7 January, Currys’ group Peak LFL revenue decreased by 6% year-on-year (YoY).
The company’s Peak LFL revenue in UK & Ireland fell by 5% YoY and declined by 4% compared with three years earlier.
Currys recorded a 7% Peak LFL revenue drop in its International business from a year earlier, but the business’ revenue increased by 6% against three years prior.
Currys chief executive Alex Baldock said: “This Peak has again shown Currys to be the number one choice for all things tech, helping customers shop however they want – online, in-store or a mix of both – through our winning omnichannel model.
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By GlobalData“We’ve delivered a strong Peak performance in the UK and Ireland, growing profits again through resilient sales, increasing gross margins (not least through record Services adoption) and strong cost discipline.
“Our transformation is visibly succeeding. Internationally, it remains tough and we continue to face into intense, but temporary, market pressures.
“We’re not simply waiting for the external environment to improve, of course.”
For the full year, Curry’s expects its adjusted profit before tax (PBT) to be between £100m and 125m.
It expects around £120m in capital expenditure and aims to end the year with less than £100m of net debt.
Baldock added: “While markets remain challenging, we’re confident in our full-year guidance as UK and Ireland improvements offset International weakness.
“We’re also confident in returning our high-quality International business to robust profits and cash generation.”
