Currys has raised its profit outlook following ‘strong peak trading’ over Christmas

In a trading update for the 10 weeks to January 4, 2025, Currys reported a 2% jump in UK revenues and a 1% uptick in sales in the Nordics. This was driven by “strong sales in mobile, gaming and premium computing, offset by weaker trends in TV”.

Currys said omnichannel sales outperformed during the period, with click-and-collect sales up 13% and online-in-store sales up 24%.

In the Nordics, the retailer said it achieved sales growth and market share gains despite being a “soft market”, driven by growth in domestic appliances and computing, offsetting weaker trends in TVs and mobile.

The business also said it maintained a good balance of sales and margins across all the Nordic countries and was no longer “chasing less profitable sales”.

As a result of this strong trading period, Currys’ adjusted group profit before tax outlook is now expected to be between £145m and £155m – up 23% to 31% year on year and ahead of consensus expectations.

Chief executive Alex Baldock said: “We’re pleased by our strong peak trading. We grew in both markets, continuing the trend of Currys’ strengthening performance, and we believe this year’s profits will be ahead of market expectations. With our ever-stronger cash generation and much-improved balance sheet, the board now expects to pay a dividend at the year-end.

“This peak, customers took advantage of our market-beating deals and best-ever availability. AI laptops, where we have 75% market share, and premium mobiles proved especially popular. In all markets, customers showed they preferred shopping both online and in-store, and our investments in both channels paid off.

“In the UK and Ireland, we’ve continued to grow sales and keep margins stable, offsetting current cost headwinds. iD Mobile and B2B performed especially strongly, as did sales of the services and solutions that are so valuable to customers and to us.

“Nordics was back into growth, continuing its improving trajectory, outperforming competitors while improving margins and reducing costs. In a still weak market, the evident strength of our Nordics business bodes well for the future.

“None of this would be possible without my amazing colleagues who continue to set new standards of engagement and expertise. My heartfelt thanks to them all.

“We start 2025 confident that our strategy is working and determined to keep building this ever-stronger Currys to the benefit of colleagues, customers, shareholders and society.”