‘Challenging’ Christmas for Currys as sales fall due to supply chain issues

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Retailer Said It Was ‘Gamers Christmas’ With Oculus Quest 2 and PS5 Top Sellers

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Electronics retailer Curry has been hit by supply chain problems, leading to trouble sourcing goods over Christmas.

Sales fell 5% in 10 weeks to January 8 compared to the same period a year ago. As a result, the company cut its profit guidance, saying it now expects pre-tax earnings of £155 million for the full year, instead of the £160 million previously directed.

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CEO Alex Baldock said: “The technology market was challenging this Christmas, with uneven customer demand and supply disruptions. Against this backdrop, Curry’s associates showed their resilience and the strong business we’ve built.

“We gained market share, improved customer satisfaction, did profitable business, and can move forward with confidence.”

Baldock argued that Currys, which has more than 800 stores in 8 countries, has done well given market data showing that the UK tech market will see a 10% post-Christmas bump in 2020 has decreased.

He highlighted gaming as a forte spot: “It was a gamers Christmas, the year virtual reality broke into the mainstream, and when consoles flew off shelves. The Oculus Quest 2 and PS5 were the stars.”

The retailer said some problems remain with the Christmas business. It “continues to face uncertain demand and supply chain disruption which means there are some areas where availability has been challenged.”

Baldock said: “Certainly no one is resting here, and there’s a lot of hard work ahead.”

The £75 million share buyback announced in November begins today.

Shares fell 4.7p, or 4.2%, to 107.8p.

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