Currys upgrades profit guidance for third time
Currys said it expects its adjusted pre-tax profit to be around £162m for the year to 3 May, beating its previous forecast of £160m and original guidance of between £145m and £155m.
Currys said it expects its adjusted pre-tax profit to be around £162m for the year to 3 May, beating its previous forecast of £160m and original guidance of between £145m and £155m.
The anticipated 37% surge in the retail giant’s profit comes as group sales edged up 2%, with a 4% increase in UK and Ireland revenue helping to offset a flat performance in its Nordics business.
It reported that its UK and Ireland adjusted EBIT will be in line with consensus with sales growth and gross margin improvements “more than” offsetting cost increases.
Currys said adjusted EBIT for its Nordics business shows strong growth, despite a still challenging consumer environment.
The retailer said its “robust” performance during the year is enough to see the board resume the payments of cash dividends.
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Currys group chief executive Alex Baldock said: “We finished another year of strengthening performance on a high note with encouraging momentum and accelerating sales growth in both the UK&I and the Nordics.
“In both, we’ve grown profits by delivering sales growth, market share gains and gross margin increases. In the Nordics, we’ve also shown especially strong cost discipline in a still-challenging market.
“Cashflow was very healthy. This further strengthening of our balance sheet ensures our resilience and allows the resumption of dividends.
“As ever, my thanks must go to the thousands of capable and committed colleagues who are building an ever-stronger Currys and helping everyone enjoy amazing technology.”
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