June/July 2023 ertonline.co.uk


Currys blames ‘depressed demand and high inflation’ for poor performance


Currys has announced that its revenue for its latest financial year has decreased by six per cent, with group like-for-like sales down by seven per cent. The retailer said this was due to lower profits in


the Nordic region. The UK and Ireland, however, saw adjusted EBIT of £170m, which is a year-on-year increase of 45 per cent. Following the release of the report, the retailer’s stock price fell from £49 to £45; this is an 8.5 per cent decrease, as it fails to provide any dividends to shareholders. Alex Baldock, Group Chief Executive, said: “We


have had a very mixed year. Our market has been tough everywhere, with depressed demand, high inflation and unforgiving competition. Looking ahead, we are wary of optimism about consumer spending power. Our focus is on continuing a very encouraging trajectory in the UK&I while we get the Nordics back on track, and being attentive to mitigating any downside risk.”


Currys has also outlined its plans to decrease


future spending by 25 per cent, compared to the previous year. However, the retailer announced that its staff felt increasingly positive within their stores. The Group


John Lewis announces net-zero science- based targets validated by official body


eSat, which helps evaluate how happy employees are, increased +1 to 78 and puts Currys in the top 25 per cent of all businesses. In the UK&I eSat has increased to 81, putting the UK business in the top 10 per cent. In its latest report, Currys outlined its intention of


increasing its store share of the business as it predicts that this is the area that will increase profits.


John Lewis Partnership, said: “Reach net-zero by 2050 means transforming our business in every way, from how we design our goods to last, how we and our suppliers power our farms, factories and stores, and how we make it easier for our customers to make sustainable choices. “To be the first retailer globally to set forest, land and agriculture science-based targets gives us great pride. It will be the bedrock of our plans to protect and restore nature and tackle the climate crisis over the years to come.” The retailer is working to decarbonise its operations,


John Lewis has announced that it is the first UK retailer to have its net-zero science-based targets validated by the Science Based Targets initiative. The retailer said this achievement demonstrates


its clear commitment to play its part to limit the global temperature rise to 1.5 C, as called for in the Paris Agreement. Marija Rompani, Director of Sustainability at the


moving its vehicles away from fossil fuels by transitioning larger vehicles to run on biomethane and smaller vans on electricity. The company is also launching integrated energy efficiency insights on online John Lewis products, so customers can see how much money they can save by choosing a more efficient product. Luiz Amaral, Chief Executive Officer of the Science


Based Targets initiative, added: “JLP’s net-zero targets match the urgency of the climate crisis and set a clear example that their peers must follow.”


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