Electrical

Currys begins search to replace Livingston as chairman

The news comes after Currys lowered its full year pre-tax profit expectations from £160m to £155m earlier this month

Currys, the electrical retailer, has reportedly begun its search for a new chairman to eventually succeed Lord Livingston of Parkhead.

According to  Sky News, Currys has initiated headhunters to identify potential candidates for Lord Livingston, who has been in the position since 2015.

However, it cited sources that said the search is at a very early stage and any appointment would not be expected to take place until next year.

The news comes after Currys revealed it lowered its full year pre-tax profit expectations from £160m to £155m earlier this month, following a 10% drop in sales in the 10 weeks ending 8 January 2022, as a result of “uneven” consumer demand and supply disruptions.

In the UK and Ireland (UK&I), like-for-like revenues in the quarter decreased by 6%, and by 2% on a two-year basis for the same quarter.

On a yearly basis, Currys’ revenue dropped by 3%, although it went up by 11% compared to 2020. This is due to a drop in sales by 5% year-on-year but on a two-year basis, sales increased by 4%.

At the time Alex Baldock, group chief executive, said: “This was a gamers’ Christmas, the year that virtual reality broke into the mainstream, and when consoles flew off the shelves. Oculus Quest 2 and PS5 were stars. Appliances large and small also enjoyed strong sales, as consumers continued to kit out their homes.

“Currys came through this market turbulence well. We gained share in the UK, extending our market leadership. At the same time, we focused on profitable sales, with good discipline on margin, cost and stock. The stronger business we’ve built was evident in record levels of colleague engagement and customer satisfaction.”

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