Currys narrows H1 losses; Nordics recovery on track

(Sharecast News) - Electrical retailer Currys held annual guidance as interim losses narrowed and its Nordics unit reported an improvement in gross margins. The company posted a loss before tax of £46m, compared with a loss of £548m a year earlier. UK like-for-like revenue fell 3% to £2.2bn.

"Our priorities this year are simple: to get the Nordics back on track, to keep up the UK&I's encouraging momentum, while strengthening our balance sheet and liquidity. We're making good progress on all these in a still challenging economic environment," said chief executive Alex Baldock.

"In the Nordics, our trusted brands have delivered substantial gross margin gains, which combined with strong cost discipline have resulted in significantly improved profits. There's still a long way back to healthy Nordics performance, but we're on the way."

Reporting by Frank Prenesti for Sharecast.com