Business
Interim Trading Update & Share Buyback
Interim Trading Update & Share Buyback.
About this update from Currys Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 2818R\n Currys PLC\n 04 November 2021\n \n \n \n \n \n \n \n \n \n \n \n Interim\n \n \n Trading\n \n \n \n Update\n \n \n \n Announcing £75m share buyback on the back of robust trading and cash generation\n \n Currys is today providing an interim trading update alongside its investor event at its Staples Corner store which will focus on the strategic progress the Group has made in creating long-term, sustainable value for all stakeholders. Currys will outline its refreshed capital allocation framework and its intention to commence a £75m share buyback programme.\n Trading update\n Group trading has remained robust over the first six months of the year with Group sales up +15% on a like-for-like basis compared to two years ago.\n \n \n \n \n \n \n \n \n \n \n \n Preliminary Like-for-like\n \n \n \n \n \n \n Sales\n \n \n \n \n YoY % change\n \n \n \n \n Yo2Y % change\n \n \n \n \n \n \n UK & Ireland\n \n \n \n (3)%\n \n \n +11%\n \n \n \n \n \n International \n \n \n \n 0%\n \n \n +19%\n \n \n \n \n \n - Nordics\n \n \n \n (1)%\n \n \n +19%\n \n \n \n \n \n - Greece\n \n \n \n +8%\n \n \n +19%\n \n \n \n \n \n Group\n \n \n \n (1)%\n \n \n +15%\n \n \n \n \n \n \n \n · \n \n UK & Ireland\n \n - Like-for-like sales were up +11% compared to two years ago as growth in Electricals was offset by the expected decline in Mobile sales. Compared to last year like-for-like sales were down (3)%. \n \n \n In Electricals, like-for-like[1] sales were up +21% compared to two years ago and down (1)% compared to last year. Sales were very strong at the start of the period as we saw pent up demand from customers choosing to shop in stores after extended lockdowns but strong two-year growth has continued through the Summer and into the Autumn. Our stores contributed slightly over half of sales during the period. \n \n \n · \n \n International\n \n - In Nordics, like-for-like sales were up +19% compared to two years ago and declined (1)% compared to last year, with healthy trading thoughout the period. The online share of business has increased by around 2ppts compared to last year.\nIn Greece, like-for-like sales were up +19% compared to two years ago with sales at the start of the period particularly strong due to the Government's digital care initia...