Currys reveals stronger profits amid boost from ‘resilient' UK shoppers
The technology retailer said slower inflation and falling interest rates helped support sales from shoppers in the UK.
The London company also resumed dividend payments following the upbeat update to shareholders.
Group sales grew by 3% to £8.7 billion for the year to May 3, driven by 6% growth in the UK.
The retailer, which runs 708 stores, said its UK business benefited from growth in its iD Mobile business, as well as positive computing sales, with 'AI technology sales building momentum'.
Meanwhile, sales dropped 2% in its Nordics region, where it said profitability was knocked by 'tough' market conditions.
The company said it has traded in line with expectations over the past two months but is 'facing into several headwinds' in the new financial year, including cost increases linked to the Government budget, cost inflation and currency weakness.
Alex Baldock, group chief executive, said: 'Currys' performance continues to strengthen and the business has real momentum.
'A stronger Currys is good for colleagues, customers, shareholders and society, and we're doing a better job for all of them.
'We're pleased with our progress, but even more excited about the opportunities ahead of us.'
Meanwhile, the group also revealed a 37% increase in adjusted pre-tax profits to £162 million for the year.
It also announced a dividend of 1.5p per share for the year after suspending dividend payments in 2023 amid efforts to turn around its Nordics operation.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
an hour ago
- Yahoo
Leisure centre revival has planning officer backing
Plans to rebuild a derelict leisure centre – and construct 700 flats around it – have been recommended for approval at an upcoming council vote. Oasis Leisure Centre in Swindon has been closed since 2020 after its landlord Seven Capital concluded it was "not viable" because of the pandemic. Swindon Borough councillors will vote on Seven Capital's new plans to transform the site – which would see its listed pool and dome retained – on 8 July. The proposals includes 707 flats, to be built in eight tower blocks around the leisure centre. Planning officers recommended the plans despite more than 300 members of the public objecting, mainly due to plans to demolish a sports hall without replacing it. More news stories for Wiltshire Listen to the latest news for Wiltshire Two industrial units could also be built on the cleared Clare's factory site across the road, which was once earmarked by Seven Capital for a large indoor snow centre, according to the Local Democracy Reporting Service. Recommending the plans be approved, a council officer wrote in a report: "The consenting of the development would thus allow for the clear public benefit of assisting in bringing the much-loved Oasis swimming pool back into use and re-introducing an important and unique leisure and fitness offer to the town." The report added the homes were "much needed" and that "adverse impacts of the development would not significantly and demonstrably outweigh the identified benefit". On 30 June, campaigners lost a bid to turn the leisure centre into an asset of community value for a second time. It would have allowed a six-month pause to see if a community group could take it on and run it when the owner wanted to sell. Follow BBC Wiltshire on Facebook, X and Instagram. Send your story ideas to us on email or via WhatsApp on 0800 313 4630. Oasis Leisure Centre could reopen in 2026 Leisure centre will not be listed as community asset Swindon's six leisure centres secured for 15 years Local Democracy Reporting Service
Yahoo
an hour ago
- Yahoo
Source Fashion encourages debate on hot topics at July 2025 show
Set to reconvene at Olympia London, UK from 8 to 10 July 2025, Source Fashion serves as a global platform with exhibitors from more than 25 countries, including China, India, Sri Lanka, Bangladesh, and Türkiye, as well as the UK and burgeoning African markets. The Source Debates Stage, building on its initial success in February, will present a new roster of engaging sessions aimed at questioning established beliefs, facilitating candid dialogue, and introducing innovative perspectives on sustainability, sourcing, innovation, and ethics. Aligned with this season's theme of 'Thriving in a Volatile World', the Source Debates programme is designed to assist businesses in navigating uncertain economic landscapes, reevaluating consumption patterns, and innovating under duress, said Source Fashion. It aims to equip companies with strategies for not just surviving but thriving with resilience over the long term. The format of each session on the Debates Stage will be interactive, prompting attendees to engage with expert panellists and delve into tangible problems and groundbreaking concepts. Notable sessions on the Source Debates Stage include: AI - Just because we can, does it mean we should? Jade McSorley from the Centre for Sustainable Fashion (CSF) will lead a discussion on the convergence of AI with human-centric fashion design practices and the importance of maintaining ethical standards, ownership rights, and creative authenticity. Can we decouple profit from volume - or is that a fantasy? Simon Platts of SP&KO Consultancy will examine whether it's possible for businesses to reduce production volumes while enhancing brand value and refining their commercial strategies. Rethinking the rules - what would a smarter fashion system look like? WRAP textiles programme lead Mark Sumner will challenge current supply chain models by proposing a radical redesign that reflects true costs rather than focusing solely on profit margins. Can luxury fashion really be sustainable? Planet Positive consultant and former director of sustainability, Versace,Dax Lovegrove will explore whether luxury fashion can align with sustainable practices given its inherent exclusivity, complex global supply chain, and lack of transparency. Source Fashion event director Suzanne Ellingham said: 'The Source Debates Stage is designed to ask difficult questions and encourage collective problem-solving. As businesses are being tested like never before, these sessions are a call to arms provoking honest discussion about what needs to change, and how we get there together.' Last month Just Style shared the agenda for Source Fashion July 2025 event. "Source Fashion encourages debate on hot topics at July 2025 show" was originally created and published by Just Style, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
an hour ago
- Yahoo
Reform MP James McMurdock resigns whip over allegations of business impropriety
A Reform UK MP has resigned the party whip pending an investigation into allegations of business impropriety before he was elected, the party's chief whip has said. James McMurdock will sit as an independent while a probe takes place over the allegations, which he said are likely to emerge in the press this weekend. Reform's chief whip Lee Anderson said: 'At Reform UK we take these matters very seriously and James has agreed to cooperate in full with any investigation.' It leaves Nigel Farage's insurgent right-wing party again with just four MPs, with Reform previously suspended Rupert Lowe for criticising the arch-Brexiteer's leadership. The suspension comes just one year after Mr McMurdock entered parliament almost by accident, having agreed to stand in the general election as a so-called paper candidate. He won his South Basildon and East Thurrock seat by 98 votes, having given up a high-paying job at a financial firm in the City of London to become an MP. The 38-year-old, who has previously worked for Barclays Capital, Goldman Sachs and Lehman Brothers, specialising in energy, infrastructure, and manufacturing, ran his campaign with only the help of his parents.
