Currys has reported that its like-for-like revenue has fallen by 3% over the 10 weeks to 6 January.

In its latest peak trading update, the electrical retailer also announced it is expecting its full-year underlying pre-tax profit guidance to be somewhere between £105m and 115m.

Currys reported strong sales in mobile, offset by weaker trends in TV and computing. The group also reported strong growth in all services, driving growth in margins and its “customers for life” scheme.

The remaining cashflow guidance has been updated to reflect currency translation effects, Currys stated, as well as the group’s continued focus on capital expenditure control.

“We’ve had a successful peak trading period, for customers who are more satisfied than ever, and for profits and cashflow,” said Group CEO at Currys, Alex Baldock. “Our markets may be no easier, but we now expect full-year profits to be above consensus expectations.

“In the UK and Ireland, we’ve kept up our encouraging momentum, in particular selling more of the services that boost margins and build customers for life.”

Currys confirmed it is continuing to target at least 3.0% adjusted EBIT margin with a focus on sustainable free cash flow generation.

As part of its longer-term guidance, the retailer also announced that its scheduled pension contributions will rise to £50m in 2024/25 and to £78m for the following three years, before a final payment of £43m in 2028/29 within the current agreement.

Equity analyst at Hargreaves Lansdown, Aarin Chiekrie, commented: “It’s no secret that Currys has had a hard time of late, and the group’s likely been praying for a Christmas miracle in the form of a boost to sales. But it looks like the group didn’t make its wish under a shooting star as sales across all regions continued to decline, in what should be peak business months for Currys.

“Part of this comes down to the fact that consumers are simply struggling to justify as much discretionary spending on TVs, laptops and gadgets amidst the ongoing cost of living pressures. Record credit adoption in the UK suggests customers really are finding it harder to afford a lot of the big-ticket items that Currys sells.”

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