Currys hails strong start to financial year
Currys has said it is comfortable with its full year profit expectations as it announced that it had made a strong start to its financial year.
In the 17 weeks to 30 August, UK and Ireland like-for-like revenue rose by 3% after the retailer delivered strong sales in gaming, AI computing, large appliances, coffee machines and cooling products. However, sales of TVs, tablets and air fryers all declined.
Meanwhile, like-for-like revenue in Currys’ Nordics region increased by 2% driven by AI computing and the success of new categories such as robotic lawnmowers and vacuums.
The uplifts in both regions meant that like-for-like revenue rose by 3% across the group.
Alex Baldock, Currys group chief executive, said: “It’s been a good start to the year, with encouraging performance across the group.
Subscribe to TRB“In the UK&I we’re pleased with the trajectory in our growth areas of new categories, B2B and the services that are so valuable to customers and to Currys. Credit was notably strong, and iD Mobile is on track to beat the 2.5m subscriber target we set for this year.
“Our Nordics recovery continues to pick up pace. We continue to grow, improve margins and control costs well. We’re confident that profit margins will step forward again this year. “
Currys will be updating the market on full year profit expectations after its peak trading period, but at this early stage in the year said it is comfortable with market expectations.
The retailer has also announced that it is commencing a new £50 million share buyback programme.
Baldock said: “We’re working to deliver an ever-improving experience for colleagues, for customers and for shareholders, as reintroducing the dividend and now starting share buybacks shows.
“None of this would be possible without our thousands of capable and committed colleagues; my heartfelt thanks go out to them.
“We’re on a good track at Currys, with growing momentum. We’re determined to keep it up, and believe we can.”
