Currys CEO, Alex Baldock, has said the group expects its full-year profits to be above consensus expectations despite market conditions.
He stated that the group has had a successful peak trading period and that its customers are more satisfied than ever, as it aims to keep its “encouraging momentum” going.
Mr Baldock comments: “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.
“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.”
In a trading update from the retailer for the 10 weeks before January 6, it predicts to record an adjusted profit before tax for the current financial year – between the range of £105 million and £115 million.
The group delivered “robust profits” through stable gross margin and continued cost savings but its like-for-like sales in the UK and Ireland decreased by 3 per cent in this period. It also recorded good sales in domestic appliances, which was offset by weaker trends in TV sales.
ERT reported previously that the group had a 4 per cent decrease in sales, which it stated is “in line with expectations” – read more about it here.
The group also reported that its credit adaptation hit a new record, at 20.6 per cent, among its customers – it now has 2.2 million customers in credit.
