Currys has maintained its profit guidance despite posting a first-half loss and declining sales.
The electricals retailer made an adjusted pre-tax loss of £16m, which it said was in line with the £17m loss reported last year.
Meanwhile, group like-for-like sales dropped 4% to £4.1bn.
Like-for-like sales across the UK and Ireland dipped 2% while adjusted EBIT for the region sunk 40% year-on-year.
Currys said the UK profit decline was anticipated as the improvements it has made to gross margin and £53m cost savings were more than offset by inflationary pressures and the £11m benefit it experienced through mobile revaluations last year.
Subscribe to Retail Gazette for free
Sign up here to get the latest news straight into your inbox each morning
The company said there would be no change to its profit guidance and that trading since the period end has been consistent with the board’s expectation.
Currys CEO Alex Baldock said: “Our priorities this year are simple: to get the Nordics back on track and to keep up the UK and Ireland’s encouraging momentum, while strengthening our balance sheet and liquidity.
“We’re making good progress on all these in a still challenging economic environment”.
Currys expects to complete the disposal of its Greek business Kotsovolos in the first quarter of next year.
Click here to sign up to Retail Gazette‘s free daily email newsletter
