‘We’ve worked hard to build on our strengths,’ says Currys boss as he reports strong half-year results
“Technology is now more important than ever to people’s lives, and we’re best-placed to make the most of that.” The words of Alex Baldock, Group Chief Executive of Currys PLC (formerly Dixons Carphone), who reported that the company enjoyed “a strong first half of the year” – for its half year ending 30 October 2021 – with growing customer satisfaction, market share and stabilised gross margins in the UK.
“We’re a simpler, more focused business,” Mr Baldock continued, “and have completed the hardest yards of our transformation, with big legacy issues now behind us, and the pandemic so far successfully navigated.”
Like-for-like sales for the Currys Group were up by one per cent against 2020 in this latest six-month period, although it was a 15 per cent increase on 2019. Total Group revenue was up by two per cent.
UK and Ireland saw a four per cent jump in overall revenue, with electricals contributing to a lift in sales of one per cent YoY.
The retail giant also reported that it is mitigating industry-wide supply chain challenges by utilising its supplier relationships to maintain product availability. However, it pointed out there has been some impact on its product availability and on sales of some in-demand products.
It said market demand had “softened” in the run-up to Christmas and in this time it gained market share in the UK.
Mr Baldock added: “We’re showing that in technology retail, omni-channel wins. Yes, more customers are shopping online, and our hard work to build a strong online business has seen us thrive here.” Currys and Uber launched a new trial last month to deliver small tech gadgets to London homes in as little as 30 minutes.
“But most customers buy tech through both online and stores, our sweet spot,” said Mr Baldock, “where we’ve worked hard to build on our strengths. That’s paying off.”
He also thanked Currys employees for keeping the company “on track”, and said 16,000 staff will receive £1,000 of free shares in February, as it continues to make all colleagues shareholders.
