Currys Raises Profit Guidance on Stronger-Than-Expected Sales
By Najat Kantouar
Currys raised adjusted profit guidance for fiscal 2024 on stronger-than-expected sales since its peak season.
The U.K. electronics retailer said Monday that adjusted pretax profit for the year to April is expected to be at least 115 million pounds ($146.4 million) compared with its previous guidance of between GBP105 million and GBP115 million.
The company said sales were stronger than it expected in the period since its peak season that ended Jan. 6. In the U.K. and Ireland and the Nordics region, like-for-like sales are positive and gross margins remain robust, the company said.
Currys confirmed that no takeover proposal was received from JD.com after the Chinese e-commerce company said Friday that it wouldn't make an offer.
The group expects the sale of its Greek operations to be completed in the first half of April 2024 and said its full-year results will show Greece as a discontinued operation.
"We expect to finish the year in a net cash position, with our already healthy balance sheet and liquidity further strengthened by the sale of Kotsovolos," Chief Executive Alex Baldock said.
Looking ahead, the group targets at least 3.0% adjusted earnings before interest and taxes margin with focus on sustainable free cash flow generation, it said.
Write to Najat Kantouar at najat.kantouar@wsj.com
(END) Dow Jones Newswires
March 18, 2024 03:57 ET (07:57 GMT)
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