Currys and Comet to reveal World Cup boost
Monday 21 June 2010
England's performance at the World Cup has been lousy so far. But two of the UK's biggest electricals chains are set to reveal a boost in sales of TVs before the tournament, along with improved full-year results, this week. DSGi, which owns Currys and PC World in the UK, is expected on Thursday to post a substantial uplift in underlying pre-tax profits to between £80m and £90m for the year to 1 May, compared with £50.5m the previous year.
A day earlier, Kesa Electricals-owned Comet will provide further evidence of a pick-up in sales of big-ticket items, such as washing machines, with forecast annual pre-tax profits of £76m, following a £81.8m loss in 2008-09.
Currys and Comet are expected to report that recent trading was boosted by fans snapping up large-screen TVs ahead of the World Cup in South Africa. But it could be a week of two halves for the chains, as their sales could be vulnerable to the widely expected rise in VAT – possibly to 20 per cent – in the emergency Budget tomorrow.
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