(Alliance News) - Currys PLC on Monday raised guidance for adjusted profit in its recently completed financial year, though it still will be down from the year before amid a decline in sales, particularly in the Nordic region.
The London-based electronics and electrical goods retailer said adjusted pretax profit for the financial year that ended April 29 is expected to be between GBP110 million and GBP120 million. This is up from previous guidance of GBP104 million but still down from GBP186 million in financial 2022.
Currys said that group like-for-like sales were down 7% in the recent year, with sales in UK & Ireland and the International division both down by that percentage. In the International division, sales were up 12% in Greece but down 10% in the Nordics.
Currys said it expects adjusted earnings before interest and tax in the UK & Ireland to have been up by 40% in the recent year, but adjusted Ebit to be "materially lower" in the International division, driven by the Nordics.
Currys said that structural changes are underway in the International division to remove GBP25 million in annual costs, a process that will cost between GBP15 million and GBP20 million.
Currys net debt on April 29 was GBP100 million, better than its previously guided GBP100 million to GBP150 million. A year before at the end of financial 2022, Currys had net cash of GBP44 million.
Currys will release its full annual results on July 6.
Currys shares were trading 6.7% higher on Monday morning at 59.70 pence.
By Will Neill, Alliance News reporter
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