(Bloomberg) --
Currys Plc said the market was softening in the run-up to Christmas, sending its shares plunging even as the British electronics and gadget retailer reiterated its annual profit forecast.
The company formerly known as Dixons Carphone Plc said supply-chain logjams across the industry and weaker demand have impacted the market in recent weeks and warned it could face “further headwinds” from the new omicon variant and associated restrictions in a statement Wednesday.
The stock slumped as much as 11% in early London trading.
Chief Executive Officer Alex Baldock said Currys was still growing market share and is on track to meet its target for adjusted pretax profit target of 160 million pounds ($212 million) for the year.
Baldock, who has been lowering costs and shutting stores as part of a turnaround effort, said the group was well positioned to “ride out” disrupted supply chains and bumpy demand. While rules on wearing masks in shops to quell omicron’s surge aren’t hurting business, any government decision to lockdown again and close shops would be very damaging, he said.
“There would have to be a very clear case on public health to close retail again,” he said on a call with journalists. “There are 3 million jobs and 17 billion pounds of tax at stake here. We are in a good position to power the recovery -- we are not asking for handouts, we just want to trade.”
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