Currys hails 'strong' start to year, launches £50m share buyback
Electricals retailer Currys plc hailed a "strong" start to the year on Thursday, as it launched a £50m share buyback and reported a 3% jump in group sales in the 17 weeks to 30 August.
Like-for-like revenue in the UK & Ireland ticked up 3%. Currys said "robust" sales were driven by market share gains, with double-digit growth in new categories and B2B.
It pointed to strong sales in gaming, AI computing, large appliances, coffee machines and cooling products, offset by declines in TVs, tablets and air fryers.
Meanwhile, Nordics LFL revenue was 2% higher during the period, driven by AI computing and success in new categories such as robotic lawnmowers and vacuums.
Currys also announced the immediate launch of a new £50m share buyback programme.
Chief executive Alex Baldock said: "It's been a good start to the year, with encouraging performance across the group. In the UK&I we're pleased with the trajectory in our growth areas of new categories, B2B and the Services that are so valuable to customers and to Currys. Credit was notably strong, and iD Mobile is on track to beat the 2.5m subscriber target we set for this year.
"Our Nordics recovery continues to pick up pace. We continue to grow, improve margins and control costs well. We're confident that profit margins will step forward again this year."
Disclaimer & Declaration of Interest
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.
