Currys Shares Fall Despite Sales Acceleration as Nordics Drive Group Growth

Currys (LON: CURY), the electricals and technology retailer that trades as Currys in the UK & Ireland and as Elkjøp in the Nordics, published a trading update earlier today showing UK&I like-for-like sales up 6% in the 17 weeks to 29 August, an acceleration from 3% growth in the prior half-year. Shares fell despite the improvement.

The stock opened higher at 155p but reversed through the morning to a low of 146.1p, trading around 148.8p by mid-morning, down 1.91% against Wednesday’s close of 151.7p. That leaves it well within its 52-week range of 114.94p to 166.94p.

Nordics like-for-like sales rose 9%, taking group like-for-like growth to 7%. Group Chief Executive Fredrik Tønnesen, who took over from Alex Baldock on 3 August, said Currys had “maintained its strong momentum. Across the Group we saw growth in both stores and online, with new categories, B2B and Services all growing strongly. In the UK&I, we gained share in every category, in a market that was flat even with the help of the World Cup and Summer heatwaves.” Currys said it remains “comfortable with market consensus” of £199m adjusted pre-tax profit for 2026/27, but will only update full-year guidance after the peak Christmas trading period.

Panmure Liberum reiterated a Buy rating with a 200p target, estimating that each percentage point of group like-for-like growth adds roughly £12.5m to group profit, about 6.5% of FY2026 adjusted pre-tax profit. Peel Hunt, also a Buy, kept its 182p target and said it expects a 1% to 3% forecast upgrade, while noting that the first half typically makes up only 10-15% of full-year profit.

Both brokers stayed bullish, but the shares reversed from an early gain to a fall. Currys also said its £50m share buyback is progressing, with £23m completed, and that year-end net cash should finish well above its £100m target.