The electricals retailer says it is taking market share on both sides of the North Sea as shoppers upgrade white goods and mobile deals.
Currys (LSE: CURY) has told investors it made a “strong start” to its financial year, with group like-for-like sales up 7% over the first 17 weeks of trading, as the electricals retailer said it was winning market share in both the UK and the Nordics.
The update points to broad-based momentum rather than a one-off boost: UK and Ireland like-for-like revenue rose 6%, with growth across stores and online and double-digit gains in newer categories and the business-to-business arm, while the Nordics division outperformed with a 9% like-for-like increase driven by white goods and mobile sales.
Currys said it had taken share across every major category in the UK and Ireland even though the underlying market was flat, aided by around 2 percentage points of tailwind from the World Cup and summer heatwaves. In the Nordics, where the market grew more strongly, the group said it gained share in most categories and countries.
Group chief executive Fredrik Tønnesen said the business had ‘maintained its strong momentum’, pointing to growth in services, new categories and B2B alongside steady gross margins in both regions thanks to tight cost control. The company also highlighted progress in higher-margin recurring revenue streams, with its iD Mobile network now serving more than 2.7 million subscribers, up 16% year-on-year, and rising take-up of its flexpay credit product.
Currys left its full-year guidance unchanged and said it remains comfortable with current market forecasts. The retailer is midway through a £50m share buyback, having bought back £23m of shares so far, and expects to finish the year with net cash comfortably above its £100m target, underlining confidence in the trading outlook.
This report is based on Currys’s announcement and coverage by UK Investor Magazine. Company announcements can be tracked via London Stock Exchange RNS and Investegate, and the full markets calendar is worth watching for the next update.
This article is for general information only and does not constitute investment advice or a recommendation to buy or sell any security. Photo: Bhanu Singh on Unsplash.
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