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Published on November 4th, 2021 | by The GC Team

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Currys announces share buyback as sales exceed pre-pandemic levels

Currys today announced a £75m share buyback on the back of robust trading and cash generation.

In an interim trading update for the first six months of its financial year the business reported Group sales up 15% on a like-for-like basis, compared to the same period two years ago.

UK & Ireland 2-year like-for-likes rose 11% as growth in Electricals was offset by the expected decline in Mobile sales. Compared to last year, like-for-like sales were down 3%.

Electricals sales were up 21% compared to two years ago and down 1% compared to last year.  The retailer said sales were strong at the start of the period due to pent-up demand from customers choosing to shop in stores after extended lockdowns, but strong 2-year growth has continued through the summer and into the autumn. Stores contributed slightly over half of sales during the period.

In international trading, the Nordics recorded like-for-like sales up 19% compared to two years ago, and a decline of 1% on last year, with healthy trading throughout the period. The online share of business increased by around 2ppts compared to last year.

In Greece, like-for-like sales were up 19% year-on-2-year, with sales at the start of the period particularly strong due to the Government’s digital care initiative. Compared to last year, like-for-like sales rose 8%.

Currys said the Group expects to deliver a robust Peak trading season and has put in place measures to mitigate the well-publicised supply chain disruption caused by industry-wide availability challenges and labour shortages.

“We believe that these measures combined with our scale, stores and expert colleagues mean we are on track to meet consensus expectations for full year 2021/22 PBT of £161m.”

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