British omnichannel retailer Currys has lifted its full-year adjusted profit before tax (PBT) guidance, excluding Greece, for the third time since the start of 2024.
The retailer anticipates full-year adjusted PBT to be between £115m ($144m) and £120m – an improvement from the previous expectation of £105m.
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The company expects its year-end net cash position to be approximately £95m.
In a trading update for the year ended 27 April 2024, the company declared that its group like-for-like (LFL) sales returned to growth at 2% in the 16 weeks since the peak (defined as ten weeks ended 6 January 2024).
Since the peak, Currys reported an increase in LFL sales of 2% in the UK and Ireland, and the Nordics experienced a 2% increase in post-peak period LFL sales, compared to a weaker period in 2023.
Currys Group chief executive Alex Baldock said: “Our performance is strengthening, with good momentum in the UK and Ireland and with the Nordics getting back on track. Sales are now growing again, margins are benefiting from higher customer adoption of solutions and services, and cost discipline is good.
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By GlobalData“All this means improved profits and, with our strong cash position, we’re well set up for the year ahead. 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.”
Currys operates both online and through 720 stores across six countries, offering a wide range of technology products and services.
In March 2023, US investment company Elliott Advisors withdrew its interest in acquiring Currys.
