Currys lifts full-year profit expectations

(Sharecast News) - Electricals retailer Currys lifted its full-year profit expectations on Tuesday as it hailed a return to like-for-like sales growth. In an update for the year to 27 April, the company said group LFL sales returned to growth, up 2% in the 16 weeks since the peak trading period.

Full-year pre-tax profit excluding the Greek business is now expected to be between £115m and £120m, up from previous guidance of "at least" £105m.

Adjusted earnings before interest and tax for the UK & Ireland are expected to be in line with consensus. Currys noted improved trading momentum, with LFL sales up 2% since the peak trading period and cost savings more than offsetting inflation.

As far as the Nordics business is concerned, EBIT is expected to more than double year-on-year, ahead of consensus. Currys said that in a challenging market, post-peak period LFL sales rose 2% against a weak period last year.

Chief executive Alex Baldock said: "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."