Currys (LSE:CURY), the electricals and technology retailer, said UK and Ireland like-for-like revenue rose 6% in the 17 weeks to 29 August, with growth across both stores and online.
The Nordics business grew like-for-like revenue by 9%, driven by white goods and mobile sales alongside continued expansion in new categories, business-to-business and services.
The company said it gained market share in every UK category despite a flat market, which benefited by roughly 2 percentage points from the World Cup and summer heatwaves.
Recurring services revenue grew strongly, with flexpay adoption up 30 basis points year-on-year to 23.6% and iD Mobile subscribers up 16% to more than 2.7 million.
Currys said gross margin held stable on tight cost control, and it is targeting at least 2.8 million iD Mobile subscribers by year end.
The group has completed £23 million of its £50 million share buyback and expects year-end net cash to finish well above its £100 million target.
"Currys has maintained its strong momentum," Fredrik Tønnesen, group chief executive, who, added the company had kept its "focus on margin, cost and cash discipline" throughout the period.
All guidance for the year remains unchanged and the company said it is comfortable with market consensus.
Currys will update the market on full-year profit expectations after the peak trading period, with interim results for the 26 weeks to 31 October due on 17 December.
News Intelligence what this means for the company
Currys reported 6% UK and Ireland like-for-like sales growth for the 17 weeks to 29 August, with Nordics up 9%, and held gross margin steady despite a flat underlying market. The company gained share in every UK category, grew recurring services revenue (flexpay adoption and iD Mobile both up), and reaffirmed full-year guidance unchanged—a continuation of the momentum trajectory we noted in July rather than a fresh inflection.
The update confirms Currys is executing on cost discipline and margin protection while growing services revenue, but the unchanged guidance and flat underlying UK market suggest the company sees no reason to raise expectations. The £23m of £50m buyback completed and net cash tracking well above the £100m target indicate capital discipline, though the real test comes after peak trading when management updates profit expectations in December.
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