Currys Raises Profit Guidance Amid Strong Sales Performance

Currys has raised its profit guidance following robust sales in the Nordic region and the UK during the crucial “golden quarter.” The electricals chain reported that standout sales of iPhones, coffee machines, and robot vacuums have driven improved performance ahead of Christmas.

The company now anticipates full-year adjusted profit before tax to fall between £180 million and £190 million. This marks an increase from previous forecasts and reflects a year-on-year growth of more than 11 per cent. Like-for-like sales in the Nordics, which account for 40 per cent of Currys’ business, grew by 12 per cent over this key trading period. In the UK and Ireland, revenue also saw a rise of 3 per cent, primarily boosted by sales in computing and home appliances.

Alex Baldock, chief executive of Currys, described the festive season performance as very strong. Product categories driving success include iPhones and coffee machines, alongside a remarkable surge of 65 per cent in demand for robot vacuum cleaners such as the Eufy X10. Baldock emphasised the company’s successful omnichannel strategy, stating that market share gains occurred in both physical stores and online.

Despite positive trading, the company acknowledges ongoing challenges. Volatile consumer confidence and rising operational costs due to increased taxes have impacted growth in the UK. Critics have highlighted concerns over the government’s fiscal policy and its potential effects on business. Despite such challenges, Baldock expressed cautious optimism regarding the most recent budget, noting some relief measures but cautioning against excessive costs and regulations that could hinder growth.

Group like-for-like sales during the peak trading period accelerated to 6 per cent, with overall revenue for the year to date increasing by 5 per cent. Currys has also announced an interim dividend of 0.75p per ordinary share and has completed £30 million of its £50 million share buyback programme.