Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

Curry's Falls to 10-Month Low After Warning of Product Shortages, Omicron Risks

Published 15/12/2021, 12:36

By Catherine Reynolds

Investing.com -- Curry's stock (LON:CURY) fell sharply on Wednesday after warning of a 'softer' market in the runup to the key Christmas period, product shortages and further risks from the spread of Omicron-variant Covid-19.

The stock fell 8.8% in London by 7:13 AM ET (1213 GMT), even though the company reiterated its existing guidance of 160 million pounds ($212 million) in pretax profit for the current financial year as it published its half-year earnings.

The U.K. retailer of electrical and telecommunications goods posted revenue of 4.78 billion pounds, little changed from 4.85 billion pounds a year earlier. The company was an early winner of the pandemic as the surge in demand for electronic devices generated a handsome windfall for it, despite widespread store closures. 

The company warned that with uncertainty over the new Covid variant, trading conditions continued to be challenging.

“Our market has been softer over recent weeks, as we may face into further headwinds from omicron and associated restrictions,” chief executive Alex Baldock said in the earnings statement. 

The company also warned that supply chain constraints had led to some product shortages in the critical holiday shopping season. 

The news overshadowed the resumption of dividends, at an interim level of 1 pound per share, as well as the announcement that its 75 million pound share buyback program, announced in November, will start in January.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.