CURRY’S (CURY) – Retail
| Price: 138.6p +9.5% | P/E: 10.3x |
| Market Cap: £1.47bn | Yield: 2.2% |
Electricals retailer Curry’s has beaten forecasts on all metrics with its half-year trading update, confirming its performance continues to strengthen.
Group sales were up 8% with LFLs up 4%, adjusted EBIT was up 38% and adjusted pre-tax profit was up a blistering 144% on last year.
Our View
A good set of results all round, with market share gains in the UK & Ireland and a ‘notable’ step forward in profits in Norway where it is number one in an improving market.
It’s also pleasing to see top-line improvements translating into superior earnings growth, meaning all that effort to generate higher sales isn’t being offset by higher costs.
We called Curry’s higher in early 2024, not quite at the low but well below here, and see no reason not to stay long as it just getting into its stride.
The shares have been drifting for a few months, and in our view today’s pop just confirms the upward trend.
Read the press release here:
https://www.currysplc.com/investors
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