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”.
Tag Archives: UK retail
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.
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