Currys reported what it calls a ‘strong start’ to its financial year, with group like-for-like sales up 7% over the first 17 weeks, as the electricals retailer gained market share in both its main regions.
In the UK and Ireland, like-for-like revenue rose 6%, with growth in both stores and online and double-digit gains in newer categories and its business-to-business arm.
The company said it took share across all major categories, in a flat market that was flattered by around 2 percentage points from the World Cup and summer heatwaves. Its Nordics business did even better, with like-for-like sales up 9%, led by white goods and mobile.
“Currys has maintained its strong momentum. Across the Group we saw growth in both stores and online, with new categories, B2B and Services all growing strongly,” said Fredrik Tønnesen, Group Chief Executive.
“In the UK&I, we gained share in every category, in a market that was flat even with the help of the World Cup and Summer heatwaves. In the Nordics we gained share in most categories and countries in a market that grew strongly.”
Currys highlighted continued momentum in its higher-margin recurring services, with its iD Mobile network passing 2.7 million subscribers, up 16% year-on-year, and take-up of its “flexpay” credit offering rising. Gross margins held steady in both regions on tight cost control.
The company left its full-year guidance unchanged and said it was comfortable with market forecasts. It is midway through a £50m share buyback, having completed £23m so far, and expects to end the year with net cash well above its £100m target.