British electronics retail chain Currys has raised its profit forecast for 2022-23 after trading better than expected in its home market in the last two months of the year.
Currys had lowered its expectations in March due to the weak performance of its Scandinavian operations, but said on Monday that it now expects to report an adjusted profit before taxes until April 29 of 110-120 million pounds ($139-$151 million), higher than previous expectations of about 104 million pounds, but lower than the 186 million pounds made in 2021-22.
The group, whose shares have fallen 36% over the past year as Britons struggle with the cost of living, said like-for-like sales in the UK and Ireland division fell 4% in the second half, following a 10% drop in the first half. In Scandinavia, like-for-like sales fell by 12% in the second half of the year, following a 7% drop in the first half of the year.
Total group sales for the entire year decreased by 7%.
Currys, which expects to close the year with around £ 100 million in debt, also said its lenders had modified the fixed charge cover covenant of its £ 500 million revolving credit facility, increasing financial resilience.
