1. News
July 8, 2022

Currys reports 2% decline in revenue for fiscal year 2021/22

The company expects an adjusted PBT of £130m to £150m for FY22/23.

British electrical retailer Currys has reported its revenue for the financial year 2021/22 (FY21/22) dropped by 2% to £10.14bn ($12.2bn) compared with £10.34bn ($12.4bn) in the previous year.

Revenue for the company’s UK & Ireland (UK&I), Nordics and international businesses fell by 3%, 2% and 1% respectively, while its Greece business saw its revenue increase by 7% from the prior year.

For the 52 weeks to 30 April, Currys’ store sales increased by 24% across the group and 61% for UK&I.

Sales from the company’s International business represented 46% of its total group sales. 

Currys’ adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) were also down by 2% to £588m.

The company’s profit before tax (PBT) grew significantly from £33m in FY20/21 to £126m in FY21/22.

Currys chief executive Alex Baldock said: “These strong results show the vital role that technology plays in millions of lives, and that more and more customers are turning to Currys to help them enjoy that technology to the full.

“We owe this performance to our thousands of capable and committed colleagues, who’ve built a stronger Currys.

“They’ve loved seeing customers returning to our stores in droves and helping them with face-to-face expert advice and the full range of our services that ensure customers stick with us.

“Stores, in tandem with online, give our customers the omnichannel best of both worlds they clearly prefer.

“Our scale as an international market leader, our grip on costs and our strong relationships with suppliers will allow us to manage inflationary headwinds and keep amazing technology within reach of everyone, even now.”

For FY22/23, Currys expects its adjusted PBT to be between £130m and £150m and its capital expenditure to be in the range of £140m to 160m.

The retailer also anticipates an adjusted EBIT margin of 3.0% by FY23/24.