Currys ups profit guidance after robust peak trading
The company’s omnichannel sales grew strongly including order and collect sales up 13% and online-in-store sales up 24%
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Currys has announced that it has increased its profit guidance with its adjusted profit before tax expected to be £145-155m ahead of consensus expectations.
This comes after the retailer saw its UK and Ireland revenues increase 2% in the 10 weeks ended 4 January 2025, what it considers to be its peak time.
Alongside this, its revenues in the Nordics increased 1% in this period as it saw sales growth and market share gains in a soft market.
Overall Curry’s saw strong sales in mobile, gaming and premium computing, offset by weaker trends in TV.
The company’s omnichannel sales grew strongly including order and collect sales up 13% and online-in-store sales up 24%.
Alex Baldock, group chief executive, 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. None of this would be possible without my amazing colleagues, who continue to set new standards of engagement and expertise. My heartfelt thanks to them all.”
