Today’s profit upgrade raises the question of just how well Currys might be doing if it wasn’t for the previously reliable Nordics business hitting the skids.
Like an athlete who has found a new level of performance only to find a stone in their shoe, the electronics retailer continues to churn out an impressive performance in the UK and Ireland, belying a difficult backdrop, while continuing to struggle in Scandinavia.
AJ Bell’s Russ Mould said: “For a long time, the Nordics arm just quietly did the business for Currys, serving an affluent customer base, but what initially seemed to be a short-term problem of competitors selling off excess stock at a discount has become a lingering issue and prompted the company to change its regional boss.
“Another problem is the benefit from people buying new laptops and other electronic goods during the pandemic has inevitably waned amid pressures on consumer spending.
“This makes the robust trading in the British Isles all the more impressive, albeit sales are still lower than a year ago, and suggests the company may be making some market share gains.
“The debt position is also getting healthier, and if Currys can get its Scandi operations back up to scratch it could win over investors who have turned away from the company in recent weeks.”