Currys confident profits will beat forecasts despite slipping sales over Christmas
Electrical retailer Curry’s said group profit before tax is expected to be ahead of expectations, despite sales falling over the Christmas period.
Shares were up 6.44 per cent this morning.
In an update this morning, the firm said group sales declined four per cent over in the 10 weeks to January.
In its UK and Ireland divisions, sales slipped by three per cent.
Currys said customers were keen to splurge on mobile phones but not big ticket items such as computers and TVs.
Shoppers were also looking to buy more items via financing options, with the firm recording credit adoption of 20.6 per cent and 2.2m active credit customers.
Currys said group adjusted profit before tax is expected to be £105-115m, ahead of “consensus expectations”.
Alex Baldock, group chief executive, said: ““In the UK&I, we’ve kept up our encouraging momentum, in particular selling more of the Services that boost margins and build customers for life. “
“We’re also getting the Nordics back on track, after a disciplined Peak on margins and costs. In all markets, we’ve taken big strides in customer satisfaction, through the hard work and expertise of our more engaged colleagues.
He added: “We’re in a healthy financial position, and our strategy is delivering a consistently improving customer proposition. As consumer confidence improves, we’ll be well placed to build on these strong foundations, to benefit shareholders as well as colleagues and customers.”