Currys reports resilient performance “against a softer market”

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In its trading update for the 10 weeks ended January 8, Currys said that like-for-like sales were up 4%, while customers benefited from the retailer’s full omnichannel model.

Alex Baldock, the company’s group chief executive, said: “The technology market was challenging this Christmas, with uneven customer demand and supply disruption. Against this backdrop, Currys’ colleagues showed their resilience and the stronger business we’ve built. We gained market share, improved customer satisfaction, traded profitably, and can look ahead with confidence.

“Customer demand for some tech was strong. This was a gamers’ Christmas, the year that virtual reality broke into the mainstream, and when consoles flew off the shelves. Appliances large and small also enjoyed strong sales, as consumers continued to kit out their homes.”

Mr Baldock said that Currys gained share in the UK, extending its market leadership.

“At the same time, we focused on profitable sales, with good discipline on margin, cost and stock,” he said.

“The stronger business we’ve built was evident in record levels of colleague engagement and customer satisfaction. Customers have enjoyed open stores again, our stronger online business, and how (more and more) we can give every customer the benefit of both stores and online.”

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