Currys currently has 823 stores across eight countries. Credit: PC World & Currys on Clough Road, Hull by Ian S/commons.wikimedia.org.

UK-based omnichannel electrical retailer Currys has reported a 6% decline in revenue to £9.511bn ($12.11bn) for fiscal year (FY) 2022-23, compared to £10.144bn in FY21-22.

The company’s revenue dropped across all markets, except Greece, which recorded a 15% increase in revenue of £637m in FY22-23, compared to £554m in the previous year.

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The revenues in UK & Ireland (UK&I) market dropped by 8% to £5.067bn from £5.48bn in FY21-22.

The Nordics was down by 7% from £4.105bn to £3.807bn for the reported year.

Currys’ international business revenue was down 5% to £4.444bn in FY22-23 from £4.659bn in the previous year.

The company said this decline can be attributed to the fall in consumer spending, resulting from inflation and rising interest rates, along with the “normalisation of spend on technology,” after the pandemic period saw strong growth.

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It also highlighted that the reported year was “very challenging” for its Nordics business as well and to combat that, the company is working on implementing some decisive action on margins and cost.

Currys Group chief executive Alex Baldock said: “We have had a very mixed year. Our strengthening UK&I performance shows our strategy is working well. But our long track record of success in the Nordics was brought to an abrupt halt.

“Our market has been tough everywhere, with depressed demand, high inflation and unforgiving competition.”

Low profits in the Nordics market in FY22-23 also resulted in a £73m year-over-year drop in the retailer’s adjusted profit before tax to £119m.

The company’s earnings before interest and taxes (EBIT) margin was 3.6% for FY22-23.

Baldock added: “Looking ahead, we are wary of optimism about consumer spending power. Accordingly, we are being prudent in our planning and in further strengthening our balance sheet.

“Our focus is on continuing a very encouraging trajectory in the UK&I while we get the Nordics back on track and being attentive to mitigating any downside risk. We may be cautious in our promises for the short-term, but our confidence is undimmed as we build a stronger and more resilient business that is fit to prosper in the longer term.”