Currys on track for full-year after 'strong start'

(Sharecast News) - Electrical products retailer Currys has said it remains happy with market consensus forecasts after a "strong start" to the new financial year across both major regions. Group like-for-like revenues were up 7% year-on-year over the 17 weeks to 29 August, with the larger UK and Ireland division growing by 6% and the Nordics growing by 9%.

"Across the group we saw growth in both stores and online, with new categories, B2B and Services all growing strongly," said chief executive Fredrik Tønnesen, who was appointed in August.

In the UK and Ireland, the business recorded market share gains in all major categories, while gross margins were stable as a result of tight cost control.

In the Nordics, strong performances in the white goods and mobile categories drove growth, with market share gains in "most countries and categories". Gross margins were also stable.

Currys said it was "planning confidently for the remainder of the year", with all guidance unchanged. "We are comfortable with market consensus", the firm added, pointing to company-compiled consensus forecasts predicting an adjusted pre-tax profit of £199m for the year to 2 May,.

See the latest RNS on Investegate.