Electricals chain Currys gets boost from Euros soccer

That put the group, which also sells white goods and mobile phones, on track for profit growth in the current financial year, it said, despite a 2% sales decline in its Nordic market.

Thu, 05 Sep, 2024 - 09:42

Helen Reid and Simon Jessop

Electricals retailer Currys' underlying sales in its biggest market, Ireland and the UK, rose 5% in the past four months, driven by demand for televisions during the Euro 2024 soccer tournament and interest in AI computing gadgets.

That put the group, which also sells white goods and mobile phones, on track for profit growth in the current financial year, it said, despite a 2% sales decline in its Nordic market.

Overall group sales were up 2% in the 17-week period to August 24, Currys said on Thursday, adding that it was well prepared for the coming months, including the run-up to Christmas.

"Currys is well set for our important peak trading period and beyond," chief executive Alex Baldock said, adding that the consumer market in the UK and Ireland was improving.

The consumer environment was weak in the Nordics, but Currys was controlling costs and outperforming the wider market, it said.

Currys has been a takeover target this year but saw off bid interest from U.S. investor Elliott Advisors and China-based online retailer JD.com, arguing that both approaches undervalued the company.

Both had been attracted by Currys' extensive distribution network.