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Electronics retailer Currys has increased its profit guidance to between £110-120m for the year ended 29 April 2023.
The retailer lowered its guidance in March to around £104m following poor performance in the Nordics but has reversed this after a strong final two months of the year in the UK.
The company expects its UK and Ireland full-year adjusted EBIT to increase more than 40% year-on-year.
This guidance of £110-120m is still down from the £186m the company posted in FY22.
The retailer’s international businesses are set to post an EBIT “materially lower than last year” as a result of a challenging trading environment in the Nordics.
Currys stated that the improved profits in the UK were driven by “continued gross margin improvements and management focus on cost efficiencies”.
UK and Ireland sales were down 7% for the full year, as were overall sales for the company.
Currys will announce its full year results on 6 July 2023.
