Currys saw sales drop over the key Christmas period as supply issues left the retailer short of stock for some popular tech products.
The company said demand for some tech was “strong”, such as games consoles and virtual reality consoles which “flew off the shelves”.
However, Alex Baldock, group chief executive, said the firm “would want more” stock of consoles including the PS5 and Apple technology products as supply was impacted by global chip shortages.Currys reported that like-for-like group sales dropped by 5% for the 10 weeks to January 8 compared with the same period last year, but were 4% above pre-pandemic levels.
The company said sales in the UK and Ireland were 6% lower than during the same period a year earlier.Currys said it expects to post adjusted pre-tax profits of £155 million for the current financial year as a result of the performance.
The retailer also launched a £75 million programme of purchasing shares back from shareholders on Friday.
Category Archives: Retail suppliers
JD.com abandons bid for Currys
Chinese e-commerce giant JD.com has dealt a blow to British electronics retailer Currys by walking away from a potential takeover.
This withdrawal follows a similar move by US investment company Elliott Advisors, leaving Currys to navigate its future course independently.
JD.com’s interest in Currys was said to have stemmed from a desire to expand its European footprint. The company’s brick-and-mortar presence in China faces increasing competition, and Currys’ established store and warehouse network across eight European countries offered a tempting solution.
Currys takeover speculation “seems to have passed
The Currys board rejected two Elliott bids, claiming they “significantly undervalued” the company, while JD.com ended up not making an offer. The two companies walked away earlier this month, quashing speculation over an imminent takeover of the chain.
Mr Baldock said the takeover speculation “seems to have passed”,
Sirius add MIDEA
UK trade buying group Sirius announced that MIDEA have become the latest Approved Supplier to the Group.
Currys should hold out for £1bn takeover offer, says shareholder
Currys shareholder has said the retailer should hold out for an offer worth £1bn amid the ongoing takeover saga between Waterstones owner Elliott Advisors and Chinese online shopping giant JD.com.
JO Hambro Capital Management (JOHCM) UK Equity Income fund, which is a top 10 shareholder, said an offer between 80p and 100p per share would be “acceptable”.
Bosch opens Experience Centre in Malaysia
Bosch strengthens presence in Malaysia with first-ever Flagship Experience Centre showcasing innovation and customer engagement.The centre, located in Damansara Utama, Selangor, embodies Bosch’s commitment to providing a unique and interactive experience for its customers
Currys rejects second takeover offer from US firm Elliott
Currys has rejected a second takeover approach from US firm Elliott, saying the offer “significantly undervalued” the electronics chain.
Elliott valued the retailer at around £757m, up from its initial £700m valuation earlier this month.
The US company is up against Chinese rival JD.com which has also expressed an interest in buying the British firm
Currys: JD.com considers takeover bid
Currys could soon find itself the centre of a bidding war as Chinese online shopping giant JD.com considers making a takeover offer and Waterstones owner Elliott reviews its bid.
The Chinese ecommerce giant said on Monday that “it is in the very preliminary stages of evaluating a possible transaction that may include a cash offer for the entire issued share capital of Currys”. Elliott is understood to considering making a new cash bid for the electricals retailer after its initial £700m offer was rejected on Friday.
Frasers ups stake in AO
Frasers Group has increased its stake in electricals retailer AO World as it launches an £80m share repurchase programme.
The retail group said on Monday that it intends to buy back up to 10 million shares, worth 2% of the company, over the next 11 weeks to 28 April with support from investment banking group Deutsche Numis
Frasers continues its acquisition spree with the group increasing its holding in AO from 23.07% to 24.7% on Tuesday.
The retail empire first snapped up a 19% stake, worth £75m, in the Bolton-based online retailer back in June.
Frasers also holds shares in AO rival Currys, which it said was part of a “strategic investment” as it looks to increase its “foothold in the electricals industry”
Waterline to join buying group
The UK’s largest supplier to the kitchen trade industry, Waterline, is the latest Approved Supplier to join Sirius Buying Group.
“We are really excited to work with Waterline to ensure that our Members have access to even more quality products and services to grow their businesses within the UK kitchen space. Our Members are always keen to develop new revenue streams in order to deliver the latest innovations and next-level customer service. With this in mind, the offer from Waterline will definitely support our mission to safeguard and increase profitability for the independent retailer.”
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