Currys plc results
Currys Plc has this morning published its full-year results (here). Any thoughts, send them across ASAP as this story is BREAKING.
Copy article
2 responses from the Newspage communityCopy all
Copy all
Copy
Curry’s results weren’t going to blow anyone away, but they weren’t as bad as the market was expecting. UK sales have increased, in the current economic climate this is due to profit through financial and other services. Curry’s European operations have be dismal with losses in the Nordic areas and Greece, as well as wider asset write downs across the group. Curry’s is being prudent by not paying a dividend, reducing pension contributions and increasing cash flow as they are aware trading will continue to be tough for the rest of 2023. They will be replying on the Bank of England to ease monetary policy towards the end of the year to generate sales.
Copy
Currys' full-year results will be leaving investors with their hearts in their mouths. Currys shares are experiencing a bloodbath today as adjusted pre-tax profits fell by a staggering 38%. This hasn't been helped by the company reporting a shocking statutory loss of £481m as a result of a £511m impairment of goodwill from its Dixons Carphone merger back in 2014. Making matters worse, the board also opted to pull its final dividend, citing an uncertain outlook as high inflation continues to bite down on consumer discretionary spending, as full-year sales declined 6%. Investors may find some respite in that the group's UK & Ireland division grew sales by an impressive 45%, although this was strongly offset by its underperforming international business where sales shrunk by an eye-watering 73%. Overall, not a pretty picture for Currys and an insight into the state of the high street as rates rise and inflation remains stubborn.