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Currys' shares plunge as supply chain chaos slows trade

Shares in Currys dived by over 9 per cent today after the electricals retailer acknowledged sales had slackened lately due to supply chain challenges.

The FTSE 250 company said that it had taken measures to minimise disruption but had still incurred shortages and weaker sales of certain products, alongside the extra costs arising from these mitigation efforts.

It noted that supply problems had been exacerbated in recent months by the lack of van and lorry drivers, and warehouse staff, amid higher freight costs and Brexit-related trade issues impacting its ability to get goods transported to Ireland.

Store trade: Currys revealed its total half-year revenues remained flat year-on-year at £4.8billion on account of store reopenings leading to a decline in online commerce

Store trade: Currys revealed its total half-year revenues remained flat year-on-year at £4.8billion on account of store reopenings leading to a decline in online commerce

Currys added that tightening government restrictions in response to the spread of the Omicron coronavirus variant had led to more uncertainty and could cause further damage to trade.

Nonetheless, it is ploughing ahead with a £75million share buyback programme next month and continues to expect adjusted pre-tax profits of around £160million this financial year, thanks to its solid first-half trading performance.

The group revealed its total revenues remained flat year-on-year at £4.8billion for the period covering the six months to the end of October, as store reopenings led to a decline in online commerce.

However, digital purchases were 54 per cent higher on their levels two years ago and comprise a third off all the retailer’s business, whilst international sales and like-for-like electricals purchases in the British Isles were both up 21 per cent. 

Profits also more than doubled to £42million when compared to the same time last year and are a far cry from the £72million loss that the firm, then known as Dixons Carphone, made in 2019.

Demand for domestic appliances and gaming products was especially robust in its British Isles and Scandinavian markets, while the former region received an additional boost from sales of health and beauty goods.

Warning: 'Our market has been softer over recent weeks, and we may face into further headwinds from omicron and associated restrictions,' said Currys CEO Alex Baldock

Warning: ‘Our market has been softer over recent weeks, and we may face into further headwinds from omicron and associated restrictions,’ said Currys CEO Alex Baldock

Omnichannel sales were also strong as customers opted to shop online before completing purchases in stores, with more than 60 per cent of UK customers shopping that way. 

Chief executive Alex Baldock said: ‘We’re showing that in technology retail omnichannel wins.Yes, more customers are shopping online, and our hard work to build a strong online business has seen us thrive here. 

‘But most customers buy Tech Blog through both online and stores, our sweet spot, where we’ve worked hard to build on our strengths.That’s paying off.’ 

He admitted that the group’s sales ‘has been softer over recent weeks, and we may face into further headwinds from omicron and associated restrictions, but the stronger business we’ve built can ride out both the industry-wide disruption to supply chains and bumpy demand.’  

This is Money on Twitter

Britain had a record 1.21 million job vacancies between September and November, according to figures from the Office for National Statistics (ONS), much of it down to immigrants returning to their home countries during the pandemic.

The shortage of workers in multiple sectors has led many firms to increase starting salaries in an attempt to lure staff and brought about more competition among businesses for talent.

This has forced many of them to raise prices of goods and services at the expense of consumers, which has been further compounded by the shortages of goods and higher prices of raw materials.

Consequently, the UK’s inflation rate has jumped considerably this year, including by 5.1 per cent last month, the ONS revealed today.This is the first time inflation has surpassed 5 per cent since September 2011.

Commenting on Currys, Hargreaves Lansdown equity analyst Matt Britzman said: ‘Today’s inflation news adds another headache. If inflation remains persistent, consumers will have less disposable income to play with. 

‘New TVs and expensive washing machines are likely to be some of the first items to go if spending gets reigned in. 

Yet he added: ‘Looking longer term, online sales making up 33 per cent of total sales mean the group’s in a decent place to weather any restrictions.The foundations still look strong and the longer-term prospects are promising.’ 

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IPVanish vs. NordVPN: Side-by-side comparison of these popular VPNs

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Before you shell out your hard-earned cash and commit to a two-year subscription with a VPN, or , read our side-by-side VPN comparison on two of the most popular VPNs on the market. Compared to its peers, IPVanish has one of the best VPN user interfaces, encouraging you to get under the hood and learn the mechanics powering the technology. Meanwhile, NordVPN has a reputation for its reliable connection speed and unbeatable pricing. 

Here’s the breakdown on each one’s strengths and weaknesses. 

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IPVanish

A big win for is its fun, configurable interface, which makes it an ideal client for beginners who are interested in learning what a VPN does under the hood. My only complaint is that IPVanish’s desktop clients have been known to get in a loading loop. This occurs in both the and version of the VPN app, and IPVanish’s site advises a reinstall. Otherwise, this has become one of my favorite user experiences with a VPN client. 

IPVanish’s multiplatform flexibil, and was outpacing NordVPN in that race at the time of this writing. And IPVanish is reaching those speeds with just 1,900-plus servers in 75-plus locations, that’s about a third of Nord’s VPN server count. 

While I appreciate that IPVanish comes with a standard kill switch security feature, I always retain some caution when a VPN service provider is headquartered in the US, and reserve my higher recommendations for those outside of international intelligence-sharing rings such as . I’m also not as confident in IPVanish’s leak security as I am with other VPNs after reviewers at CNET’s sister publication detected a partial DNS leak during testing. I’m also still hoping to see an independent third-party audit of its operations. 

At and  ($45 for the first year), it’s obviously trying to move you towards its yearly program. The VPN provider also offers a full 30-day money back guarantee. That said, the VPN company gets kudos for its increase from 10 simultaneous connections to unlimited devices. 

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NordVPN

This heavy-hitter stays on our list of the  for many reasons, including its status as the reigning champion of the bang-for-buck ratio. Hands-down, you aren’t going to get a VPN anywhere else that can do more than NordVPN does, as cheap as NordVPN does it. Despite a  in 2019, you’ll be hard pressed to find another VPN that can do  at all. 

Sure,  could offer a little more privacy if it boosted the number of servers it owns, but I’m talking about 5,200-plus servers in 60 countries, a strict zero-log policy and a jurisdiction in Panama. It’s an encryption powerhouse and has a feature that allows you to . It’s available for not only  and , but also Windows Phone and even BlackBerry. 

With all that security, NordVPN has no business being as fast as it is. In my speed tests, NordVPN performed admirably, cutting our internet speed by about 32% on average (compared to about 65% speed loss with IPVanish), where most VPNs can reduce speeds by half or more. I found NordVPN’s speeds were reliably fast; There were never any sudden dips or service interruptions, and where I expected the VPN to underperform, it proved itself up to the task. 

For all that, how much are you paying? The VPN company offers a one-year subscription plan for $4.92, but . While the two-year price is lower than most other contenders, it’s still higher than IPVanish’s single-year plan, and Nord’s month-to-month price of  is at the high end of its spectrum. And yes, NordVPN also has a full 30-day refund policy if you aren’t happy with the service. 

While a two-year plan is a big commitment to make to any service provider in the privacy field, NordVPN has developed a reputation for offering fair refunds.

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Omicron forces Fast fashion seller Boohoo shares into freefall

Boohoo has tie-ups with celebrities such as Megan Fox (pictured)

Boohoo has tie-ups with celebrities such as Megan Fox (pictured)

Boohoo shares crashed yesterday as it became the latest retailer to warn of the devastating impact of Omicron on sales. 

The fast fashion seller said its sales growth for the year ending February 28 will be cut in half by the new variant.

It was expecting sales to grow between 20 per cent and 25 per cent for the year but slashed this guidance to between 12 per cent and 14 per cent. 

The company warned profits would be hit as well, sending shares down 23.1 per cent, or 31.8p, to 106.05p, the lowest level for five years taking losses in 2021 to 68 per cent.

Retail analyst Clive Black of Shore Capital said if Boohoo (which has tie-ups with celebrities such as Megan Fox, whose collection Boohoo x Megan Fox was launched in October) was ‘catching a cold, other retailers will be catching the flu’. 

He said: ‘Omicron is a seasonal nightmare for any retailer exposed to going-out wear as with so many parties cancelled and gatherings reduced to small numbers it doesn’t need to be bought.

‘It has brought about a real and rapid change in market conditions and is a perfect storm heading into Christmas.’

On Wednesday, Currys warned that retailers were bracing for softer Christmas sales because of fears over the variant.And last week Wetherspoons boss Tim Martin said pubs would be hit hard by Omicron fears — especially as older customers stayed away.

Boohoo, which has 19m customers worldwide, said Omicron has driven the rate at which customers return clothes they buy towards 40 per cent.

Throughout lockdowns last year it was around a quarter as shoppers turned to comfy clothes to work from home in, which are more likely to fit.

But as lockdowns ended and customers geared up for Christmas parties they stocked up on dresses and other outfits.It is now grappling with a wave of returns from workers whose office Christmas parties have been cancelled.

AJ Bell investment director Russ Mould said: ‘Concerns that the Omicron variant is spreading fast do not bode well for the hospitality and leisure sector, and consumers are become more nervous about going out. 

That could be bad for Boohoo’s near-term sales as there would be less of a reason to buy a new dress or shirt if that special night out has turned into yet another session on the sofa with Netflix.’

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Xbox Series X restock tracker: How to get your console before shipping delays start

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Based on what we know about the average shipping times right now, this week will likely be your last chance to get in on an Xbox Series X restock before Christmas. Walmart offered a lot of consoles during its big restock on Monday, but that’s unlikely to be the only Xbox Series X restock this week. Currently there are no other announced Xbox Series X restock events, and that doesn’t mean no consoles will be available.

The two most likely places to find a console this week are going to be Target and GameStop. Target has been heavily rumored to be holding on to console stock for a big online event, and this week is probably the best time to offer those consoles to people. If you’ve never seen a Target restock, they tend to happen around 7 to 8 a.m. ET (4 to 5 a.m PT) and usually without an announcement. GameStop, on the other hand, tends to prefer afternoon restocks and tends to put consoles into bundles alongside controllers and games.

We’ll be keeping an eye out for which stores have consoles as part of a surprise restock, and this article will be updated immediately with new information.

Here are some quick tips for catching a surprise Xbox restock:

  • Timing: Unannounced restocks typically happen after 10 a.m. PT (1 p.m. ET) unless they come from Target, which tends to drop them before 6 a.m. PT (9 a.m. ET).
  • Walmart, GameStop and Best Buy have membership subscriptions that frequently offer early access to restocks, but they’re not always required. Even if you don’t pay for early access, you should still create an account with these retailers for faster checkout.
  • Install the app for your preferred retailer — they’re often faster to use than the websites — but it’s better to use both. 

Want to know how to better your chances of getting a console? Here’s what we’ve got.

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Why is the Xbox tough to find?

Essentially, Microsoft hasn’t been able to get the materials it needs to make enough Xbox consoles to meet demand. As with the PlayStation 5 and most PC video cards, there’s a chip shortage right now that is slowing supply. The pandemic affected production for a lot of chip manufacturers, and industry watchers currently don’t expect the issue to be entirely resolved until the end of the year. 

As a result, Microsoft makes as many consoles as it can and distributes them among its retail partners. Each retailer releases its available consoles in whatever way it deems appropriate. Most of the time, this means announcing ahead of time when you’ll be able to buy the console online and then releasing it for anyone to buy. 

Check out this for more details.

Where has the Xbox been recently?

We keep track of every console restock, and maintain this list here of the most likely places you’ll find a console as well as when it was last in stock there.

  • GameStop: Oct. 14
  • Target: Dec. 2
  • Amazon: Nov. 21
  • Walmart: Nov. 22, 29, Dec. 8, 13
  • Best Buy: Dec. 6, 9
  • Antonline: Nov. 23, 29

xbox series x console

A new era of Xbox is here.

Andrew Hoyle/CNET

How can I improve my chances of getting an Xbox Series X?

It can be a little chaotic, constantly refreshing the screen and hoping to see a checkout link. And as many can attest, it’s pretty painful to punch in your payment information only to see that the purchase can’t be completed because all the consoles are already gone. Here are some of our tips:

  • Open multiple browsers: Got a laptop? A phone? Maybe a tablet? Use them all to try to make the purchase. Set yourself up ahead of time with multiple browsers open to the retail site of your choice and be ready to buy from all of them. 
  • Don’t give up: Many of these retailers have started releasing the consoles over the course of 30 minutes, to keep bots from buying them all and reselling them at a price increase. If you see everything is sold out after the first 5 minutes, keep refreshing because your chance probably isn’t gone yet. 
  • Have an account set-up and signed-in: The time it takes to enter your payment and shipping information can be the difference between getting your console and getting left in the dust. Avoid that delay by setting up an account on the websites you’ll be shopping on.
  • Make sure you have a confirmation email: There have been many reports of a purchase getting «stuck» and even though the website said the sale was complete, no confirmation email arrived and then no Xbox arrived. Keep an eye out and make sure you actually have an Xbox Series X headed your way before celebrating. 

Is it safe to buy an Xbox from an unofficial source?

There are some places you can safely buy an Xbox secondhand. If you’re shopping at eBay or StockX, there are protections in place to keep you from spending money and getting nothing. 

Separate from this, there are plenty of folks out there eager to take advantage of everyone trying to get an Xbox Series X. Here’s how to avoid the known scams:

  • Stay away from Twitter links: If you see something on Twitter about an Xbox Series X restock happening somewhere, your best bet is to go straight to the retailer instead of clicking a link. In many cases, those Twitter links have turned out to be scams.
  • Only buy at the retail price: If someone is offering you an Xbox Series X for more or less than $500 or an Xbox Series S for more or less than $300, you should probably stay away. There are many of these sites offering «deals» or «bundles» that are frequently not actually worth it.

The Halo Infinite edition

In celebration of the 20th anniversary of Xbox’s original flagship series Halo, this year Microsoft released a special edition of the Series X console inspired by the series’ most recent title, Halo Infinite. The console was a limited edition and sold out quickly. While all retailers currently list the console as out of stock, there is a possibility that there are still a few of them floating around out there. If you’re truly committed to getting your hands on a Series X (and don’t mind dropping an extra $50), it may be worth poking around for one. .

More on Xbox Series X

Xbox Series X: Check inventory restock

Walmart does a solid job of noting availability windows for PS5 and Xbox on its . You might also want to visit the retailer’s  for both new consoles. Bear in mind you may see higher prices from third-party resellers.

Best Buy was the last retailer standing back in the preorder days, but now stands ready for your Xbox Series X purchase as inventory allows. 

This is Target’s product page for the Xbox Series X. 

If you want to get the latest on the Xbox Series X, there’s probably nowhere better than Microsoft’s own Xbox Series X homepage. Here you’ll find the latest specs, announced game titles, details on the new controller and more. 

Amazon is selling both the Xbox Series X and the less expensive Series S from this product page. 

GameStop has in the past  a «very limited number of Xbox Series X and S console bundles for purchase» but is currently sold out.

This is where you can buy the Xbox Series X at Newegg when the retailer has inventory. 

To be clear, we highly recommend waiting for inventory to appear at ordinary retailers, so you can buy an Xbox Series X at the regular retail price. But if you’ve decided you simply can’t wait another moment, the average Xbox Series X price on eBay is about $800.

Are you desperate by now? Are you willing to pay a premium of hundreds of dollars over the list price? Listen, we wouldn’t do this and we don’t recommend you do it, either. But if you want to take that path, StockX is a reputable eBay-style site that will let you buy and sell new Xbox and PS5 models — as long as you’re willing to pay upward of $700.

This story is updated frequently with the Latest Tech Articles Xbox Series X inventory news.

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