Currys posts robust first half sales
Currys said its first half group like-for-like sales were up 15% on the same period two years ago before the Covid-19 pandemic hit.
However, sales in the six-month period were down 1% on 2020.
On a two-year basis, like-for-likes were up 11% in the UK and Ireland as growth in electricals was offset by an expected decline in mobile sales. Compared to last year, like-for-like sales were down 3%. Currys said sales were very strong at the start of the period after it benefited from pent-up demand following extended lockdowns. Stores contributed slightly over half of sales during the period.
Meanwhile, sales in the retailer’s Nordics region were up 19% compared to 2019, but down 1% on a year ago, whereas like-for-likes in Greece were up 19% compared to two years ago and up 8% on last year.
Looking ahead, the retailer said it remains on track to meet consensus expectations for full year pre-tax profit of £161 million.
It added: “The group expects to deliver a robust peak trading season. We have put in place measures to mitigate the well-publicised supply chain disruption caused by industry-wide availability challenges and labour shortages.”
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