RE: UK retailer Currys cuts annual profit outlook after half-year loss15 Dec 2022 07:50
retailer Currys
CURY.L cut its annual profit outlook on Thursday after
reporting a half-year loss, weighed down by its international
markets as a deepening cost-of-living crisis forces customers to
cut down on spending.
The company, which operates in the UK, Ireland and the
Nordic region among other markets, said it now expected 2023
fiscal year profit before tax to be between 100 million pounds
and 125 million pounds ($123.86 million-$154.83 million), down
from the 130 million-150 million pound range guided in July.
The profit warning from Currys comes as consumers in Europe,
particularly in Britain, are feeling the pinch of surging energy
and food bills, and businesses across sectors grapple with tight
margins in the wake of soaring inflation.
Currys Chief Executive Officer Alex Baldock said in a
statement that the company's international business saw a
difficult first half, with margins falling sharply as domestic
competitors with excess stocks gave away heavy discounts