Currys replaces Nordics CEO, sees FY profit at lower end of guidance

Electricals retailer Currys has replaced the chief executive of its troubled Nordics division and warned that group profits will be at the lower end of expectations.

Fredrik Tønnesen has been appointed Nordics CEO, replacing Erik Sønsterud, who is stepping down with immediate effect, the company said on Thursday.

“The Nordics performance remains very challenging as the group faces into a tough consumer environment, high cost inflation and unrelenting competitive intensity. Leadership change adds to several actions the group is taking to restore the Nordics business to its previously healthy levels of profit and cash generation,” Currys said in a statement.

It added that group expected to deliver 2022/23 adjusted pre-tax profit “broadly” in-line with consensus of £104m, which is at the lower end of the previously guided range of £100-125m.

Reporting by Frank Prenesti for Sharecast.com