(Bloomberg) -- Currys Plc slightly lowered its profit forecast after a tough Christmas season in which supply log-jams across the industry and uneven consumer demand weighed on sales. 

  • The electronics and mobile phone retailer, which owns the Currys PC World brand, said it expects adjusted pretax profit target of 155 million pounds ($213 million) for the fiscal year. The previous forecast was 160 million pounds.

Key Insights

  • In December, Currys warned that the market was softening in the run-up to Christmas, and that the resurgence in Covid cases as a result of omicron could further affect the vital period. The chain said its comparable sales over the peak period fell 5% compared to last year and are down overall 3% year-to-date.
  • Chief Executive Officer Alex Baldock said that despite the muted festive performance, Currys grew market share with U.K. sales over Christmas declining less than the 10% year-on-year drop in the technology market overall.
  • Currys is in the midst of a turnaround that has focused on lowering costs, closing stores, reducing exposure to a difficult mobile-phone business while investing in growth areas, such as its gaming division.

Market Reaction 

  • The shares have dropped 5.6% in the past year.

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