Shares in electronics retailer Currys (LSE: CURY) climbed 10% on Thursday after the company reported a narrowed pretax loss and “solid” half-year performance despite a 6.9% drop in revenue.
The company posted a £46 million pretax loss for the 26 weeks to October 28, compared to a £568 million loss last year, as there was no repeat of the previous year’s £511 million goodwill impairment. Revenue declined to £4.16 billion from £4.47 billion while like-for-like sales fell 4%.
Currys said trading since late October has been “consistent” with expectations and it continues to target an adjusted earnings margin of at least 3.0% for the full year.
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The company also announced an agreement to sell its Greece and Cyprus business Kotsovolos and expects to be in a net cash position by year-end if this sale is completed as planned in 2024.
Shares in Currys are down 12.2% year-to-date and 23% year-over-year. But the stock jumped 10% on Thursday following the retailer’s latest earnings update.
