Currys to hand £75m to shareholders as sales remain strong
Currys has announced plans to hand back £75 million to shareholders through a share buyback following strong sales compared with pre-pandemic levels.
Bosses said sales in the six months to the end of October were up 15% on a like-for-like basis versus the same period two years ago before the Covid-19 crisis.
However, the retailer revealed business remains 1% below the same period a year ago, when demand soared as households looked to update their in-home technology whilst stuck inside during the various lockdowns.
In the UK and Ireland like-for-like sales were up 11% compared with two years ago, with strong growth in electricals offsetting falls in mobile sales. Although compared with last year sales were down 3%.
Electricals soared 21% on a two-year basis and were down 1% on last year, the company added. These included strong sales in the spring when stores reopened in April.
Sales in its Nordic and Greece divisions were up 19% compared with two years ago.
Looking forward, bosses said they expect a strong festive period and confirmed they expect full year pre-tax profits to hit around £161 million, helped by a £20 million cut to the amount spent on capital expenditure.
They also played down any concerns over supply chain issues and staff shortages.
The best videos delivered daily
Watch the stories that matter, right from your inbox