Currys (LSE:CURY) said full-year adjusted pre-tax profit for the year ending 2 May is expected to be around £191m, up 18% year on year and slightly above its previous guidance of £180-190m.
The omnichannel retailer of technology products and services said group like‑for‑like sales grew 4% both in the 16-week period since Peak and for the full year, with recent strength coming from the UK & Ireland and the Nordics.
In the UK & Ireland, adjusted EBIT is expected to grow slightly year on year, driven by market share gains and strong growth in Services, B2B and new categories, with sales growth and a stable gross margin more than offsetting cost headwinds, and iD Mobile subscribers up 18% to 2.6m.
Nordics adjusted EBIT is showing strong year-on-year growth, the company said, citing market share gains and very strong performance in Kitchens and new categories such as computing components, with gross margin broadly stable and costs tightly controlled.
Currys returned £74m of cash to shareholders during the year and finished with net cash of more than £170m.
"This performance, combined with our strong balance sheet, means we are well positioned to navigate any market volatility ahead, tap into exciting growth opportunities and continue returning capital to shareholders," Alex Baldock, Group Chief Executive, said.
The group is scheduled to publish its full year results on 2 July.
