UK's Currys flags 18% profit rise, defying retail slowdown

LONDON, ​May 19 (Reuters) - ⁠British electricals retailer Currys forecast ​an 18% rise in annual profit after underlying sales in its main UK and ​Ireland ‌business rose 3%, bucking the trend of a generally subdued retail sector.

Currys, ⁠which sells computers, gaming products, televisions, fridges, ⁠washing machines and mobile phones, ​said on Tuesday recent trading had been "very solid" and it is yet to see an impact from the Middle East conflict, while its ​energy costs were ‌well hedged for the coming year.

The group forecast a year to May 2 adjusted profit before tax of around 191 million pounds ($256 million), up from 162 million pounds in 2024/25. It previously ​guided to 180 to 190 million pounds.

Currys said like-for-like sales in ‌the Nordics increased 6% over the year, while group like-for-like sales were up 4%.

"This performance, combined with ‌our strong balance sheet, means we are well positioned to navigate any market volatility ahead, tap into exciting growth opportunities and continue returning capital ​to shareholders," CEO Alex Baldock said.

British consumers, shaken by the widening economic ‌fallout from the Iran war, cut their spending last month for the first time since November 2024, a survey by Barclays showed last week.

The ⁠survey ⁠showed a reduction in spending on big-ticket items ‌with the readings chiming with other gauges of the consumer economy that show faltering ​morale.

In March, Currys ​said Baldock, the architect of the group's turnaround, ‌was stepping down after eight years in the role. He will join Boots as CEO in the autumn.

Currys