Currys has reported group like-for-like sales up 7% for the 17 weeks to 29 August 2026, in the first trading update since Fredrik Tønnesen took over as group chief executive. UK and Ireland sales rose 6% and the Nordics 9%, with the retailer keeping its full-year guidance unchanged despite describing the wider UK electricals market as flat over the summer.
The update, covering trading to 29 August 2026 and delivered at Currys‘ annual general meeting, showed growth across stores and online, with new categories, B2B and services all expanding strongly. Flexpay, the retailer’s instalment payment option, was taken up on 23.6% of eligible transactions, up 30 basis points on the year, while iD Mobile, Currys’ mobile network, passed 2.7 million subscribers, up 16%. The group said all guidance for the financial year remains unchanged and that it is comfortable with the market’s current consensus.
A first trading update for the new chief executive
Fredrik Tønnesen, who became group chief executive on 3 August 2026 after leading Currys’ Nordics business, succeeding Alex Baldock, said: “Currys has maintained its strong momentum. Across the Group we saw growth in both stores and online, with new categories, B2B and Services all growing strongly.” He added that the UK and Ireland business had “gained share in every category, in a market that was flat even with the help of the World Cup and Summer heatwaves,” and that the group had “kept our focus on margin, cost and cash discipline” throughout the period.
Good to know
Retailers across UK electricals and technology reported a similar seasonal lift this summer, with the World Cup and periods of hot weather both known to boost demand for televisions and cooling appliances such as fans and air conditioning units.
Nordics outpace the UK and Ireland
The Nordics business, which Tønnesen ran before his promotion, posted like-for-like growth of 9% over the period, ahead of the 6% recorded in the UK and Ireland. Currys said it had gained market share in most Nordic countries and categories. Shares in the retailer slipped in early trading on the day of the announcement, easing from a previous close of 151.7p, as investors judged that much of the positive news was already reflected in the share price after a run of recent gains.
Guidance unchanged as the balance sheet keeps strengthening
Currys has completed £23 million of a £50 million share buyback programme launched in July 2026, and expects to end the financial year with net cash well above its £100 million target. The retailer’s balance sheet has been rebuilding since a period of heavier debt, with the company also lifting its dividend earlier in the year. B2B and services revenue, both singled out by Tønnesen, continue to grow faster than the group’s core retail sales. Business-to-business demand has been a growth area for business services franchises recruiting in the UK as well, where contracts with commercial clients carry higher order values than consumer work.
What comes next
Currys is next due to report interim results for the 26 weeks to 31 October 2026, scheduled for 17 December 2026. Investors will be watching whether the momentum reported at the AGM carries through the autumn, and whether iD Mobile can reach its target of at least 2.8 million subscribers by the year end. For the wider UK retail and hospitality sector, the Currys trading update, of a retailer gaining share while its underlying market stays flat, illustrates how execution rather than demand growth is driving trading updates this year. That is the same test facing anyone comparing franchise opportunities across the UK, where returns depend on how well a site is run rather than on a rising market.
