Currys posted “robust profits” over peak, despite UK like-for-likes falling 3% year on year, as it benefitted from stable gross margin and continued cost savings.
The electricals retailer forecast full-year profit ahead of market expectations, of between £105 and £115m.
Group sales fell 3% over the 10 weeks to January, and 4% over its first half. International sales improved to a 2% decline over peak, ahead of the 6% fall across the half.
In the UK, the business saw strong sales in mobile, which were offset by weaker trends in TV and computing as well as growth in all services.
Currys chief executive Alex Baldock said: “We’ve had a successful peak trading period, for customers who are more satisfied than ever, and for profits and cashflow. Our markets may be no easier, but we now expect full-year profits to be above consensus expectations.
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Baldock added: “In the UK and Ireland, 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.”
The Currys boss was confident about its prospects going forward.
“As consumer confidence improves, we’ll be well placed to build on these strong foundations, to benefit shareholders as well as colleagues and customers,” he said.
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