British electricals retailer Currys has today reported annual adjusted pre-tax profit above market expectations, as higher sales and tight cost control helped offset pressures from increased wages and costs.
The retailer raised its annual profit target three times this year, supported by robust demand for its mobile, gaming and premium computing in the UK and Ireland.
Increases in employer social security contributions and minimum wages under the UK's Labour government, along with rising macroeconomic uncertainties, have prompted British firms to step up cost-saving measures to shore up profits.
In January, Currys said it would ramp up automation and move more business processes to cheaper overseas locations, in addition to price hikes, to mitigate costs.
The company said early trading in the current financial year has been in line with expectations and it remains confident in its year-ahead outlook, aligning with market consensus.
It posted an adjusted pre-tax profit of £162m for the year ended May 3, above the analysts' estimate of £159m, according to a company poll.
