Currys upgrades profit outlook after strong Christmas trading
Currys has upgraded its profit guidance as it reported that like-for-like revenue growth accelerated to 6% in its peak trading period.
In the ten weeks to 10 January, UK and Ireland like-for-like revenue increased by 3% as the retailer saw strong sales in its mobile category and growth in computing and appliances. Currys said omnichannel sales in the region grew faster than individual channels at +11% year-on-year.
Subscribe to TRBMeanwhile, like-for-like revenue in its Nordics region climbed by 12% as the market continued to recover. Omnichannel sales, including order & collect, grew strongly at +42%.
Alex Baldock, Currys group chief executive, said: “We’re pleased with our very strong trading over peak, growing sales healthily and in a disciplined way. We now expect this year‘s profits to exceed market expectations, to keep returning cash to shareholders and finish the year with more than £100 million net cash.
“Our omnichannel model is winning. We gained market share in both UK&I and Nordics, in both stores and online, and our fastest growth was where customers use both channels together. This is a competitive advantage we’ll keep building.
“In the UK&I, we grew sales in our core business and the growth areas we’ve targeted. Our sales to small and medium-sized businesses grew by +21%, iD mobile reached 2.5 million customers, and credit adoption of 25% was double that of five years ago.
“These are all sources of higher-margin and recurring revenue. We maintained healthy underlying gross margins which, alongside cost savings, are offsetting unhelpful cost headwinds.
Currys now expects full year group adjusted pre-tax profit to rise by 11% to 17% year-on-year, to between £180 million and £190 million.
Baldock said: “My heartfelt thanks to our thousands of capable and committed colleagues who are building this ever-stronger Currys. We go into 2026 confident in our strategy and energised by the opportunities ahead.”
