Currys has forecast an 18% rise in annual profit after reporting resilient trading and market share gains in the UK and Ireland, outperforming much of the wider retail sector.
The electricals retailer — which sells products including computers, gaming devices, televisions, kitchen appliances and mobile phones — said underlying sales at its core UK and Ireland business increased 3%.
Currys also said recent trading had remained “very solid” despite wider economic uncertainty linked to the Middle East conflict, adding that its energy costs are well hedged for the coming year.
The update contrasted with weaker retail commentary from companies including Primark owner Associated British Foods and JD Sports.
Shares in Currys jumped around 10% following the announcement. The retailer said it gained market share in Britain, supported by strong performance from its mobile network business iD Mobile, services operations and business-to-business sales.
Chief executive Alex Baldock said the company was well positioned to manage future market volatility while continuing to pursue growth opportunities and shareholder returns. Baldock previously announced he will step down later this year to become CEO of Boots.
The positive trading update came despite signs of weakening UK consumer confidence. Recent spending data from Barclays showed British consumers reduced spending last month for the first time since late 2024, particularly on discretionary big-ticket purchases.
Analysts at RBC Europe noted that while Currys’ performance exceeded expectations, the retailer remains sensitive to changes in consumer sentiment due to the discretionary nature of many of its products and its relatively low operating margins.
For the year ending May 2, Currys now expects adjusted pre-tax profit of around £191m, compared with £162m a year earlier and ahead of previous guidance of £180m to £190m.
