Nordic competition prompts Currys to rethink guidance

Currys has cut its profit forecast for the second time in three months amid tough competition in Scandinavia.

The electronics retailer now expects to record £104m in profits before tax for 2022-23, which is at the lower end of its estimated range of between £100m and £125m. That guidance was already slashed in December, down from between £125m and £145m.

The strong performance of Currys’ business in the UK and Ireland has been offset by its Nordic operation, the company said. Challenges in the region include “a tough consumer environment, high cost inflation and unrelenting competitive intensity”.

Alex Baldock, its chief executive, said: “Our Nordics performance is not where we want or expect it to be.”