Jul 7, 2022
Currys lowers profit forecast for this year and next
Currys has downgraded its profit forecast for this year and next as the UK electricals retailer expects rising living costs to squeeze demand. The group, formed from the 2014 merger between Dixons and Carphone Warehouse, forecast adjusted pre-tax profit of between £130mn and £150mn for this year. Currys, which sells home electronics and appliances, gave the market consensus as £145mn, adding that forecasting was more difficult than usual. Operating profit margin target for next year will be lowered to 3 per cent from a previous 4 per cent, Currys said on Thursday. For the year to the end of April, the company reported adjusted pre-tax profit of £186mn, up from £156mn the year before, on sales of £10.1bn. Currys' shares have lost more than half their value over the past 12 months, with the price at its lowest levels since May 2020..
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