Supply chain problems dent Christmas trading at Currys

Currys, the UK electricals retailer, said full-year profits would be slightly lower than its previous guidance after Christmas trading was disrupted by supply chain problems. For the year to end-April, it now expects adjusted pre-tax profit of £155m against an estimate of £160m made immediately before the peak trading period. Sales in the 10 weeks ended January 8 were down 5 per cent, worse than the 2 per cent decline reported at the half-year results just a month ago. In the UK and Ireland, its biggest market, sales were down 6 per cent year on year against a 4 per cent fall at the half year stage, although the company said this represented outperformance against a market that declined 10 per cent. Sales were still broadly ahead of the same period two years ago, before the pandemic began.

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