Profits at electronics retailer Currys set to fall by almost 40% amid cost of living crisis, according to City estimates
Profits at electronics retailer Currys are set to fall by almost 40 per cent amid the cost of living crisis, according to City estimates.
The FTSE 250-listed group, which reports annual results on Thursday, is expected to have made around £115 million in the year to April. This is down from £186 million the year before.
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Hit hard: Currys saw business boom during the pandemic, but it has struggled to keep up since
Currys and peers including AO World – which will also release annual figures next week – saw business boom during the pandemic.
But it has struggled to keep up since, with many people now avoiding replacing big-ticket items to save money.
Last week Mike Ashley’s Frasers Group revealed it had built up a stake of more than 10 per cent Currys, which was previously known as Dixons Carphone. This makes the Sports Direct-owner the company’s largest single shareholder.
Frasers said the investment gave it an opportunity to build on its ‘foothold’ in the electricals industry through collaboration. Ashley’s outfit has also built up a stake in AO World.