Currys raises profit outlook amid ‘strong peak trading’
It also saw its omnichannel sales grow strongly, with order and collect sales up +3% and online-in-store sales up 24%
Currys has revealed that it expects its profit-before-tax to land between £145-155m for the full year, 23-31% ahead of consensus expectations.
It comes after the company saw its revenues rise 2% like-for-like in the UK and Ireland in the 10 weeks ended 4 January, what the company refers to as its peak.
Alongside this, the retailer saw its revenues in the Nordics rise 1% like-for-like in the period.
In the UK Currys saw strong sales in mobile, gaming and premium computing, offset by weaker trends in TV.
It also saw its omnichannel sales grow strongly, with order and collect sales up +3% and online-in-store sales up 24%.
Alex Baldock, CEO, said: “We’re pleased by our strong peak trading. We grew in both markets, continuing the trend of Currys’ strengthening performance, and we believe this year’s profits will be ahead of market expectations. With our ever-stronger cash generation and much improved balance sheet, the Board now expects to pay a dividend at the year-end.
“This peak, customers took advantage of our market-beating deals and best-ever availability. AI laptops, where we have 75% market share, and premium mobiles proved especially popular. In all markets, customers showed they preferred shopping both online and in-store, and our investments in both channels paid off.”
He added: “In the UK&I, we’ve continued to grow sales and keep margins stable, offsetting current cost headwinds. iD Mobile and B2B performed especially strongly, as did sales of the services and solutions that are so valuable to customers and to us.
“Nordics was back into growth, continuing its improving trajectory, outperforming competitors while improving margins and reducing costs. In a still-weak market, the evident strength of our Nordics business bodes well for the future.”
