Currys makes ‘strong start’ to year with 7% like-for-like development

Currys reported what it calls a ‘strong start’ to its fiscal year, with group like-for-like sales up 7% over the very first 17 weeks, as the electricals merchant got market share in both its primary areas.

In the UK and Ireland, like-for-like profits increased 6%, with development in both shops and online and double-digit gains in more recent classifications and its business-to-business arm.

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The business stated it took share throughout all significant classifications, in a flat market that was flattered by around 2 portion points from the World Cup and summer season heatwaves. Its Nordics service did even much better, with like-for-like sales up 9%, led by soft goods and mobile.

“Currys has actually kept its strong momentum. Across the Group we saw development in both shops and online, with brand-new classifications, B2B and Services all growing highly,” stated Fredrik Tønnesen, Group Chief Executive.

“In the UK&I, we got share in every classification, in a market that was flat even with the assistance of the World Cup and Summer heatwaves. In the Nordics we got share in many classifications and nations in a market that grew highly.”

Currys highlighted ongoing momentum in its higher-margin repeating services, with its iD Mobile network passing 2.7 million customers, up 16% year-on-year, and take-up of its “flexpay” credit offering increasing. Gross margins held constant in both areas on tight expense control.

The business left its full-year assistance the same and stated it was comfy with market projections. It is midway through a ₤ 50m share buyback, having actually finished ₤ 23m up until now, and anticipates to end the year with net money well above its ₤ 100m target.