Analysts Predict a 40% Decline in Profits for Currys Amidst Consumer Squeeze
- Currys is expected to announce a profit of £115m for the year, compared to £186m the previous year
- The electronics retailer experienced rapid growth during the pandemic but has since witnessed a slowdown in sales
City estimates suggest that Currys, the electronics retailer, will experience a decline of almost 40% in profits due to the cost of living crisis.
The company, listed on the FTSE 250, is set to report its annual results on Thursday, with an estimated profit of £115 million for the year ending in April. This is a significant decrease from the previous year’s profit of £186 million.
Hit hard: Currys saw business boom during the pandemic, but it has struggled to keep up since
Currys, along with other retailers like AO World, experienced a surge in business during the pandemic.
However, sales have slowed down since then, as many consumers are now avoiding the purchase of expensive items to save money.
Recently, Mike Ashley’s Frasers Group announced its acquisition of over a 10% stake in Currys, making it the company’s largest single shareholder. Frasers Group has also invested in AO World.
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