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Currys has raised its profit before tax expectations to between £180m and £190m for the year, ahead of market expectations by 11% to 17%, as like-for-like revenues increased 6% during the 10 weeks to 10 January.
The electronics retailer attributed its performance to strong trading over the key Christmas period, which was driven by continued momentum in the UK and Ireland and a “standout” performance in the Nordics.
In the UK and Ireland, like-for-like revenue increased 3%, supported by strong sales in mobile alongside growth in computing and domestic appliances. Currys said it delivered gross margin improvements despite ongoing cost pressures, while omnichannel sales – where customers shop both online and in stores – grew 11% year-on-year.
Higher-margin and recurring revenue streams also expanded during the period. Recurring services revenue rose 7%, credit adoption increased by 200 basis points to 25%, business-to-business sales climbed 21% and sales from new product categories grew 42%. iD Mobile subscribers rose 19% year-on-year to 2.5 million, with close to one million added over the past two years.
The Nordics delivered like-for-like revenue growth of 12%, with Currys reporting market share gains in what it described as a buoyant market. Sales increased across all product categories and countries, while omnichannel sales, including order and collect, rose 42% year-on-year.
Currys said it had also begun a £50m share buyback programme, bringing total cash returned to shareholders this year to around £75m. The board has also declared an interim dividend of 0.75p per share, payable on 28 January 2026.
For the current financial year, the group expects adjusted earnings before interest and tax to grow significantly in the Nordics and remain broadly stable in the UK and Ireland. It reiterated longer-term targets of at least a 3% adjusted EBIT margin in both regions and a net cash balance sheet of at least £100m, alongside ongoing dividends and surplus capital returns through share buybacks.
Alex Baldock, group chief executive of Currys, 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 £100m net cash.”
