Currys, the UK equivalent to JB Hi Fi has posted a decline in group revenue of 4% blaming a slump in PC sales.
For the 17 weeks ending August 26, 2023, the Company did see “robust” demand for appliances and mobile phones.
“Our priorities this year are simple: to keep the UK and Ireland’s encouraging momentum going, and to get the Nordics back on track,” Curry’s CEO Alex Baldock said in a statement on Thursday.
The fridges-to-phones retail giant said trends in the Nordics region where the Company has had major problems, had “improved slightly” however, the environment “remains challenging”.
In the group’s problematic Nordics business, where it is trying to cut costs through reducing headcount amongst other strategies, trading was still challenging but the group said revenue trends had improved slightly.
While the electricals giant recorded a 4% decline in like-for-like group revenue, sales in some markets were down 8%.
The group said UK revenue trends were better in July and August compared with May and June.
Balcock said “We’re making good progress in what continues to be a challenging economic environment.
“We remain confident that we’re building a stronger business that’s resilient today and fit to prosper in the longer term.”
Shares are down 39% over the last six months.
Richard Hunter, head of markets at Interactive Investor, said: “In the absence of what was an attractive dividend yield following the previous cut, there seems little to go for unless the trading situation improves dramatically.”
