‘The debt position is also getting healthier, and if Currys can get its Scandi operations back up to scratch it could win over investors who have turned away from the company in recent weeks.’Ĭurrys closed 3%, or 1.7p, higher at 57.7p. ‘This makes the robust trading in the British Isles all the more impressive, albeit sales are still lower than a year ago, and suggests the company may be making some market share gains,’ said Mould. He explained that the Nordics arm has been hit by competitors selling off excess stock at a discount, as well as a surge of electronics buying during the pandemic which has ‘inevitably waned’, combined with pressure on consumer spending. ‘Like an athlete who has found a new level of performance only to find a stone in their shoe, the electronics retailer continues to churn out an impressive performance in the UK and Ireland, belying the difficult backdrop, while continuing to struggle in Scandinavia,’ Mould said. However, analyst Russ Mould said that it raised the question of ‘just how well Currys might be doing if it wasn’t for the previously reliable Nordics business hitting the skids’.
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The group upped profit guidance for the full financial year to a range of £110-£120m, up from £104m, with earnings expected to increase more than 40% year-on-year. Currys outperforms in UK and Ireland, says AJ BellĮlectronics retailer Currys ( CURY) has upgraded profit guidance as a step up in performance has seen it take market gains, says AJ Bell.
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