Electrical Retailer Currys Looks for Successor to Lord Livingston as Profits Slip
- Currys begins search for a new chairman to replace Lord Livingston
- Lowered full year pre-tax profit expectations from £160m to £155m
- 10% drop in sales in the 10 weeks ending 8 January 2022
- Like-for-like revenues decreased by 6% in UK and Ireland
- Revenue dropped by 3% yearly, but increased by 11% compared to 2020
- Sales dropped by 5% year-on-year, but up by 4% on a two-year basis
- Strong sales of appliances and gaming products
- Focused on profitable sales with good discipline on margin, cost, and stock
- Record levels of colleague engagement and customer satisfaction
Currys, the electrical retailer, has initiated a search for a new chairman to succeed Lord Livingston, who has been in the position since 2015. The company lowered its full-year pre-tax profit expectations from £160m to £155m this month due to a 10% drop in sales in the 10 weeks ending January 8th, 2022. This was caused by uneven consumer demand and supply disruptions. In the UK and Ireland, like-for-like revenues decreased by 6%, while on a two-year basis, they dropped by 2% for the same quarter. On an annual basis, Currys’ revenue fell by 3%, but increased by 11% compared to 2020 due to a 5% drop in sales year-on-year and a 4% increase on a two-year basis. Group Chief Executive Alex Baldock highlighted strong sales of appliances and gaming products, as well as focusing on profitable sales with good discipline on margin, cost, and stock, leading to record levels of colleague engagement and customer satisfaction.
Factuality Level: 8
Factuality Justification: The article provides accurate information about Currys’ search for a new chairman, the reasons behind their lowered profit expectations, and the impact on sales. It also includes quotes from the group chief executive, Alex Baldock, which adds credibility to the report.
Noise Level: 3
Noise Justification: The article provides relevant information about Currys’ search for a new chairman and the company’s financial performance, including sales figures and market trends. However, it lacks in-depth analysis or actionable insights.
Financial Relevance: Yes
Financial Markets Impacted: Currys’ financial performance is impacted by changes in consumer demand and supply disruptions, affecting their profit expectations.
Financial Rating Justification: The article discusses Currys’ lowered full-year pre-tax profit expectations due to a drop in sales and mentions the search for a new chairman. This indicates that the company’s financial performance is relevant and may impact its future direction.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the text.
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