Currys announces share buyback on robust sales

Currys, the British electricals retailer formerly known as Dixons Carphone, announced a $102 million share buyback on Thursday after group organic sales jumped 15 per cent on two years ago, driven by demand for tech products.

The group, which has benefited from people buying computer equipment for work and leisure products such as for gaming at home, said it had put measures in place to mitigate supply chain disruption, and expects to deliver a robust peak trading season.

As a result the company, which is still recovering from Covid lockdowns which forced the closure of its stores, reiterated its consensus forecasts for full-year pretax profit of £161 million.

It also reiterated medium-term goals, and said for the full year 2021/22, its capital expenditure would be £20 million below a previous guidance of £190 million.

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“Sales were very strong at the start of the period as we saw pent up demand from customers choosing to shop in stores after extended lockdowns but strong two-year growth has continued through the summer and into the autumn,” it said of its electricals sales. – Reuters