5th Sep 2024 09:40
(Alliance News) - Currys PLC on Thursday said sales had been boosted by England's performance in Euro 2024 and by demand for artificial intelligence products.
In the 17 weeks to August, the London-based electronic retailer said like-for-like sales rose 2.0%. UK & Ireland sales increased by 5.0% but Nordic sales fell 2.0%.
Chief Executive Alex Baldock was upbeat.
"Trading is going well, strengthening our confidence in growing profit and free cash flow again this year," he commented.
Currys said UK & Ireland sales were aided by market share gains, "encouraging" early adoption of AI computing products and England's performance in Euro 2024.
Baldock said the demand for AI products had helped the firm take almost 50% share of the total laptop market.
Mobile continues to perform "strongly", the firm said, with iD Mobile reaching over 1.9 million subscribers, up 34% year-on-year.
The firm noted gross margin improvements driven by continued positive momentum in Services, with credit and solution sales growing above expectations.
Despite slowing sales in the Nordics, Currys said it was growing market share in a weak consumer environment.
Higher Services adoption has driven gross margin improvement despite tough competition while costs remain "tightly controlled".
Currys left all guidance unchanged and is "confident" in its expectations for profit and free cash flow growth.
"Currys is well set for our important peak trading period and beyond," Baldock added.
Shares in Currys were flat at 80.00 pence in London on Thursday.
By Jeremy Cutler, Alliance News reporter
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