- Wednesday, October 16, 2024
By Michael Susin
Currys recently announced a decline in first-quarter revenue due to the struggling Nordics markets. In the 17-week period ending on August 26, the technology product retailer experienced a 4% decrease in like-for-like revenue.
Currys reported strong sales in domestic appliances and mobile, but these gains were overshadowed by weakness in other categories, particularly computing.
The UK & Ireland market saw a 2% decline in like-for-like revenue, while the Nordics market experienced an 8% drop. The only market showing growth was Greece, where like-for-like revenue increased by 3%.
Despite these challenges, Currys maintains that its guidance for fiscal year 2024 remains unchanged. The company anticipates capital expenditures of approximately £80 million ($100.1 million) and net exceptional cash costs of around £50 million.
Chief Executive Alex Baldock expressed optimism about the future, stating, "Our priorities this year are simple: to maintain the encouraging momentum in the UK & Ireland and to get the Nordics region back on track. We are making progress in both areas, despite the challenging economic environment. We have confidence in our ability to build a stronger and more resilient business that will thrive in the long term."
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