Currys is set to sell its Greek and Cypriot business for £175m as it looks to focus on its largest markets including the UK and Ireland.
The disposal follows a strategic review of the business back in June and is designed to simplify the group.
Alongside the UK & Ireland, the electricals retailer will also focus on its Nordic arm.
The sale is expected to be made in the first quarter of 2024
Tag Archives: currys
Currys hit by revolt over executive pay
Currys has become the latest company to be hit with a shareholder rebellion over executive pay.At their annual meeting, more than 21 per cent of voters rejected the electronics retailer’s pay scheme for 2022 – which handed chief executive Alex Baldock £2.2 million. Around £1.2 million of this was in the form of bonuses.
Currys said it would speak to shareholders to find out why they objected to the scheme.
Currys backs guidance despite sales dip
Currys has posted a dip in sales for the 17 weeks ended August 26, but backed its profit guidance for the year.
The electricals retailer saw group like-for-like sales fall 4% during the period, with UK & Ireland sales down 2%.
Frasers ups it’s stake in Currys
UK-based sportswear and fashion retailer Frasers Group has increased its stake in electricals retailer Currys.
Frasers raised its stake in the company from 10.4% to 11.1%. Financial terms of the transaction have not been disclosed.reported last week that Currys was exploring “a number of avenues” for possible partnership with Frasers.
Currys & Frasers
Currys boss Alex Baldock has warned price increases are set to continue as the electricals retailer looks to safeguard its profit margin.Discussions about a possible tie-up with shareholder Frasers, which widened its stake in the business to 10.4% last week.“This is a potentially interesting partnership,” he said, “There are a number of avenues that we’re exploring.”
Frasers getting into appliance retail
Frasers has upped its stake in AO World and Currys as it continues its acquisition spree.
The Mike Ashley owned group raised its holdings in the Bolton-based online electrical retailer for the third time this month to 22.2% from 21.3%.
It also lifted its shareholdings in Currys to 10.4%, which it said last week was part of a “strategic investment” as it looks to increase its “foothold in the electricals industry”.
Currys group sales slump 6% as international market pressures intensify
Currys UK and Ireland delivered better than expected profits over Christmas to offset struggling international business.
The group’s like for like sales slumped 6% in the 10 weeks to 7 January as UK and Ireland sales dipped 5%. However, it achieved stronger profits than expected thanks to a gross margin increase and cost cutting.
International like-for-likes fell 7% and plummeted 10% in the Nordics as it continues to be hit by aggressive growth strategies from European rivals.
Profits were below forecast in the market as margins came under pressure.
Despite the further deterioration in its internation business, Currys said it remained confident of hitting its full-year profit guidance of £100m to £125m.
Currys Half Year Results 2022/23
Currys slashes profit outlook as ‘hard-pressed’ customers cut back
Shares in the technology retailer were down more than 7% on Thursday after it said it has had a tough time over the past six months. fall in sales within its UK and Ireland division, on the other hand, was offset by cost-cutting and higher gross marginsCurrys said it now expected full year profit before tax to be between £100m-£125m – down from the previously guided £130m-£150m range.
Currys boss& Amazon
Currys’ chief executive has said Amazon is getting a “free ride” from UK retailers by using the country’s infrastructure while swerving taxes.
Alex Baldock, the boss of the high street electronics retailer told the BBC’s Sunday with Laura Kuenssberg show Amazon “appear[s] to play by different rules than those of us who actually pay some tax”.
The online giant has been accused of reducing its UK tax bills by sticking to a primarily digital footprint although it does pay tax on distribution warehouses.
Amazon’s UK tax bill could rise by £29m next year following the changes to business rates introduced in the autumn statement that will hit those that operate warehouses.
Currys new live customer care service
Currys plc, the well-known electrical retailer in the UK, is using Emplifi Live Advisor to deliver live customer care on demand. Through Emplifi’s leading Live Advisor solution, which came through the acquisition of Go Instore in September 2021, Currys customers can connect to product experts not only for live demos and consultations, but also for post-purchase care.As the UK’s largest tech retailer, their mission is to help customers enjoy amazing technology. This means not only helping our customers choose shiny new kit, but also making sure they get the most out of it. We know that our customers find new tech exciting but also often confusing and need help when things don’t go to plan. Our new RepairLive service provides customers with expert advice to help them to identify the cause of a fault, undertake DIY fixes, as well as to assist with arranging a repair or return of their product,” said Gillian Geraghty, Ecommerce and Omnichannel Director. “By leveraging the LiveAdvisor technology for RepairLive, we’re able to provide our customers with access to fast, efficient support without them or their tech having to leave the house.”
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