Currys UK and Ireland saw like-for-like sales growth rise to 6% in the 17 weeks following its May 2 year-end, an improvement from the 3% growth recorded in the previous six months. This increase happened during a period marked by summer heatwaves and the World Cup, which boosted demand for items like large TVs, beer pumps, BBQs, fans, and air conditioning units. The growth was notable as the broader electronics market faced challenges, and without the surge in demand driven by these events, the market might have seen a decline.
New CEO Fredrik Tonnesen, who assumed leadership on August 3, highlighted that Currys outperformed the more difficult electronics market. The company's overall sales increased by 7% in the first 17 weeks of its new financial year, with its operations in the Nordic countries showing a 9% growth. Tonnesen noted that Currys maintained strong performance both in physical stores and online, with new product categories, business-to-business sales, and services all showing significant growth.
In the UK and Ireland, Currys managed to gain market share in every category, even as the broader market remained flat. This was despite the World Cup and summer heatwaves, which failed to lift the wider market. The company reported that it is on track to meet its full-year profit targets, aiming for underlying pre-tax profits of £199 million, up from £191 million in the previous financial year.
Retail analyst Wayne Brown from Panmure Liberum praised Currys for its strong performance, noting accelerated sales growth in both the UK and Ireland and the Nordics. Richard Hunter, head of markets at Interactive Investor, added that the company maintained its momentum and captured market share in all its categories, even as the overall market remained stagnant, with major events like the World Cup and heatwaves not enough to revive it.
Currys Reports Increased UK Sales Amid Heatwaves and World Cup Demand
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