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.