14 May
2024
Trading update for
year ending 27 April 2024
Strong finish to the
year
We Help Everyone Enjoy
Amazing Technology
Currys plc, a leading omnichannel retailer of
technology products and services, today issues the
following trading update for the year ending 27 April
2024.
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•
|
Group
like-for-like sales returned to growth at +2% in the 16-week period
since Peak1
|
|
•
|
Full year
adjusted PBT (excluding Greece2)
expected to be £115-120m (previously guided to at least
£105m)
|
|
•
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Year-end net
cash position expected to be around £95m
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|
•
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UK
& Ireland adjusted EBIT expected to be in line with
consensus3
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|
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○
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Improved trading momentum, with like-for-like
sales increasing +2% since peak
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|
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○
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Cost savings more than offsetting
inflation
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|
•
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Nordics adjusted EBIT expected to more than double
year-on-year, ahead of consensus
|
|
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○
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In a challenging market, post-peak
period like-for-like sales +2% against weak period last
year
|
|
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○
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Gross margin continuing to
rebuild
|
|
•
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Interest cost expected to be below consensus
forecasts
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|
Like-for-like Sales - YoY
|
H1
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Peak
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Post-Peak
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H2
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Full
year
|
|
UK & Ireland
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(3)%
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(3)%
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+2%
|
(1)%
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(2)%
|
|
Nordics
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(6)%
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(2)%
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+2%
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0%
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(3)%
|
|
Group
|
(4)%
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(3)%
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+2%
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(1)%
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(2)%
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Alex Baldock,
Group Chief Executive
"Our
performance is strengthening, with good momentum in the UK&I,
and with the Nordics getting back on track. Sales are now growing
again, margins are benefiting from higher customer adoption of
solutions and services, and cost discipline is good. All this means
improved profits and, with our strong cash position, we're well set
up for the year ahead. As ever, my thanks must go to the thousands
of capable and committed colleagues who are building an
ever-stronger Currys and helping everyone enjoy amazing
technology."
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1.
|
Peak defined as 10 weeks ended 6
January 2024 and post-peak defined as 16 weeks ended 27 April
2024.
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|
2.
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The Greece disposal was completed on
10 April for an enterprise value of £175m and net cash proceeds of
£156m, Greece will be treated as a discontinued operation and
excluded from adjusted numbers in the full year results.
|
|
3.
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Company compiled consensus for
2023/24 is available on the corporate website:
https://www.currysplc.com/investors/analyst-coverage-and-consensus/
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Next scheduled
announcement
The Group is scheduled to publish its full year
results on 27 June 2024.
For
further information
|
Dan Homan
|
Investor Relations
|
+44 (0)7401 400442
|
|
Carla Fabiano
|
Investor Relations
|
+44 (0)7460 944523
|
|
Toby Bates
|
Corporate Communications
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+44 (0)7841 037946
|
|
Tim Danaher
|
Brunswick Group
|
+44 (0)2074 045959
|
Information on Currys plc is
available at www.currysplc.com
Follow us on Twitter:
@currysplc
About Currys
plc
Currys plc is a leading omnichannel retailer of
technology products and services, operating online and through 720
stores in 6 countries. We Help Everyone Enjoy Amazing Technology,
however they choose to shop with us. In the UK & Ireland we
trade as Currys and in the UK we operate our own mobile virtual
network, iD Mobile. In the Nordics we trade under the Elkjøp brand.
We're the market leader in all markets, able to serve all
households and employing almost 25,000 capable and committed
colleagues.
We help everyone enjoy amazing technology. We
believe in the power of technology to improve lives, helping people
stay connected, productive, fit, clean, healthy, and entertained.
We're here to help everyone enjoy those benefits and, with our
scale and expertise, we're uniquely placed to do so.
Our full range of services and support makes it
easy for our customers to discover, choose, afford and enjoy the
right technology to the full. The Group's operations include
Europe's largest technology repair facility, a sourcing office in
Hong Kong and an extensive distribution network, centred on Newark
in the UK and Jönköping in Sweden, enabling fast and efficient
delivery to stores and homes.
We're a leader in giving technology a longer
life through reuse, repair and recycling. We're reducing our impact
on the environment in our operations and our wider value chain and
we will achieve net zero emissions by 2040. We offer customers
products that help them save energy, reduce waste and save water,
and we partner with charitable organisations to bring the benefits
of amazing technology to those who might otherwise be
excluded.
Certain statements made in this announcement are
forward-looking. Such statements are based on current expectations
and are subject to a number of risks and uncertainties that could
cause actual results to differ materially from any expected future
events or results referred to in these forward-looking statements.
Unless otherwise required by applicable laws, regulations or
accounting standards, we do not undertake any obligation to update
or revise any forward-looking statements, whether as a result of
new information, future developments or otherwise. Information
contained on the Currys plc website or the Twitter feed does not
form part of this announcement and should not be relied on as
such.