Currys has posted a dip in sales for the 17 weeks ended August 26, but backed its profit guidance for the year.
The electricals retailer saw group like-for-like sales fall 4% during the period, with UK & Ireland sales down 2%.
The group said UK revenue trends were better in July and August compared to May and June, but said “robust sales” in domestic appliances and mobile were offset by weakness in categories such as computing.
Subscribe to Retail Gazette for free
Sign up here to get the latest news straight into your inbox each morning
Chief executive Alex Baldock said: “Our priorities this year are simple: to keep the UK&I’s encouraging momentum going, and to get the Nordics back on track.
“We’re making good progress on both, in what continues to be a challenging economic environment.”
Earlier this year Mike Ashley’s Frasers Group unveiled “strategic investments” in Currys, snapping up a 10.4% stake as it looks to increase its “foothold in the electricals industry”.
The group said its investment in Currys “provides us with a valuable opportunity to build on our foothold in the electricals industry as well as deepening the existing relationship between Currys and Studio, with the potential for further collaboration between the two.”
“Through this investment, we also believe Currys will benefit from Frasers’ deep retail know-how and our sector-leading ecosystem.”
Click here to sign up to Retail Gazette‘s free daily email newsletter
