Currys Reports Dip in Sales and Profits for 2021, Cites Inflation and Rising Interest Rates as Concerns

The company's chief executive, Alex Baldock, has expressed caution regarding consumer spending power, citing inflation and rising interest rates as factors.

Despite this, the chain's UK and Ireland arm performed well, with profits before interest and tax increasing by 45% to £170m.

Cost savings in the business also helped to offset falling sales.

However, overall like-for-like sales fell 7% due to reduced consumer spending.

The company's performance in the Nordics, where about 40% of its revenue is generated, was also behind the drop in pre-tax profit.

No full-year dividend will be paid to shareholders.