Key Takeaways:
British electricals retailer Currys PLC (CURY.L) boosted its annual profit forecast by 18 percent, defying a slowdown in the wider UK retail sector on the back of strong sales momentum in its Nordic, UK and Ireland markets.
"This performance, combined with our strong balance sheet, means we are well positioned to navigate any market volatility ahead," CEO Alex Baldock said in a statement.
The company now expects adjusted profit before tax for the year ending May 2 to be approximately £191 million. Group like-for-like sales increased four percent, driven by a six percent jump in the Nordics and a three percent rise in the UK and Ireland.
The positive update comes as a difficult macroeconomic environment in the UK begins to tighten financial conditions for households. Surging government bond yields and a weaker sterling have raised concerns about discretionary spending on big-ticket items like consumer electronics. Despite these headwinds, Currys noted that recent trading has been "very solid."
The performance has been supported by market share gains in the UK as smaller competitors struggle. The company's mobile and services businesses have also provided more resilient, recurring revenue streams. The update comes ahead of the planned departure of CEO Alex Baldock, who is set to join Boots in the autumn after eight years in the role.
The guidance lift suggests management is confident in its ability to navigate consumer caution and currency pressures. Investors will watch for the full results on July 1 to assess margin performance and the outlook for the new fiscal year.
This article is for informational purposes only and does not constitute investment advice.
