Currys makes “positive” start to year
Currys has said it has made a positive start to its new financial year with market share gains and improved margins.
In a trading update, the electricals and technology retailer said UK and Ireland like-for-like revenue had grown by 5% in the 17 weeks t0 24 August after trade was boosted by market share gains, encouraging early adoption of AI computing products, and England’s performance in EURO 2024.
However, like-for-like revenue in its Nordic region fell by 2% due to a weak consumer environment, although the company said it is outperforming the market in the region.
The performance in both regions meant that group like-for-like sales edged up 2% in the period.
Alex Baldock, Currys group chief executive, said: “Trading is going well, strengthening our confidence in growing profit and free cash flow again this year.
“New AI-enabled computers are bringing excitement and innovation to customers, who are coming to our stores to learn more about the technology, helping us take almost 50% share of the total laptop market.
“Along with Mobile and B2B, AI product launches have contributed to an encouraging start to the year in the UK and Ireland, as we gain market share in an improving consumer environment.”
The group said all guidance for its full year year remains unchanged, adding that at this point in the year, it is confident in its expectations for profit and free cash flow growth.
Baldock said: “Across the group, we’re continuing to target growth in high margin, recurring revenue services and solutions. Currys is well set for our for our important peak trading period and beyond.“
