Currys has posted an uplift in first half profit despite a decline in sales due to supply chain disruption.
The six months to 30 October saw the electrical retailer’s pre-tax profit climb to £48 million from £45 million in the prior year, although group revenue fell by 2% to £4.8 billion.
While sales in the UK and Ireland dropped by 4% to £2.5 billion, revenue rose by 9% in Greece and was flat in the retailer’s Nordic region.
Currys said its performance in the period was hit by challenging conditions in its supply chain which was exacerbated in the last few months by issues such as oceanic freight inflation, a shortage of HGV drivers, 7.5 tonne van drivers and warehouse operatives, as well as Brexit–related teething problems with getting stock into its Irish business.
Giving an update on second half trading to date, the retailer said market demand has softened in the run-up to Christmas and that the immediate outlook has become more uncertain due to the arrival of the omicron Covid-19 variant. However, Curry’s said it remains on track to meet expectations for a full year adjusted pre-tax profit of around £160 million.
