Currys PLC on Tuesday expressed optimism for the coming year following signs of a possible turnaround.
The London-based retailer of consumer technology products and services expects adjusted pretax profit, excluding Greece, to land between £115 million to £120 million in the year ended April 27.
This compares similarly to adjusted pretax profit of £119m reported the year before, and exceeds the initial guided figure of at least £105 million.
Currys said group like-for-like sales were up 2% in the 16 weeks since the peak Christmas period.
However, for the year as a whole, group like-for-like sales were down 2%.
In UK and Ireland like-for-like sales were declined 2%, meanwhile the Nordics fell 3%.
Group Chief Executive Alex Baldock said: ‘Our performance is strengthening...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.’
The company expects to finish the year with a cash position of approximately £95 million, more than doubling the £44 held at the end of the previous year.
Currys shares were up 8.9% to 71.15 pence each in London on Tuesday morning.
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