Currys (LON: CURY) shares opened higher but are now trading around 0.6% lower in early trading on Thursday, even as the electricals retailer posted a strong start to its financial year and left full-year guidance unchanged.
The stock dropped despite the group reporting group like-for-like revenue growth of 7% for the 17 weeks to 29 August.
UK and Ireland sales rose 6%, while the Nordics business grew 9%, with Currys saying it gained market share across all major UK categories and in most Nordic markets and countries.
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The retailer said it remains “comfortable with market consensus” for the year, with company-compiled forecasts pointing to Group adjusted pre-tax profit of £199 million.
Management also confirmed its £50 million share buyback programme is underway, with £23 million completed so far, and said year-end net cash is expected to finish well above its £100 million target.
Analysts at Citi had flagged before the release that they expected “a materially positive share price reaction” to the update, noting that Currys shares had been weak heading into the print.
The muted initial market response suggests some of the good news may already have been priced in, or that investors are taking a cautious view ahead of the crucial Peak trading period, when the company typically updates its full-year profit expectations.
New Group Chief Executive Fredrik Tønnesen, who took over after leading the Nordics business, said he was “pleased” with trading in his early weeks in the role.
