Electricals giant Currys has hailed a “positive start to the year” and said it is “well set” for the pending peak trading period as sales at the electricals giant increased.
Currys posted a 2% increase in like-for-like sales for the 17 weeks to August 24, 2024.
Sales in the UK and Ireland were up 5% during the period and like-for-like revenue in the Nordics was also up by 2%.
Currys credited its “early adoption of AI computing products” and England’s performance in the 2024 Euros for its sales rise in the UK and Ireland as the demand for electricals ramped up.
The electricals retailer’s mobile phone network, iD Mobile, also reached more than 1.9m subscribers during the period which was up 34% year on year.
In the Nordics, Currys said it continued to grow market share despite the consumer environment “remaining weak”.
In terms of outlook, Currys has maintained its guidance for the year and said that it is “confident in its expectations for profit and free cash flow growth”.
Currys chief executive Alex Baldock said: “Trading is going well, strengthening our confidence in growing profit and free cash flow again this year.
“New AI-enabled computers are bringing excitement and innovation to customers, who are coming to our stores to learn more about the technology, helping us take almost 50% share of the total laptop market.
“Along with mobile and B2B, AI product launches have contributed to an encouraging start to the year in the UK&I, as we gain market share in an improving consumer environment.
“The Nordic consumer remains subdued, although we’re pleased to be outperforming the market while improving gross margins and controlling costs well.
”Across the group, we’re continuing to target growth in high-margin, recurring revenue services and solutions. Currys is well set for our important Peak trading period and beyond.”
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