CURY: Strong footing for further growth; upgrade to Outperform

研报英文原文证据摘录

CURY: Strong footing for further growth; upgrade to Outperform

Currys PLC

Currys has seen continued good trading in the UK

As shown by the below chart, Currys UK LFL sales growth has been outperforming a blend of

the Barclaycard industry data for electronic stores (75%) and household appliances (25%). In

the UK, Currys is the market leader and, based on figures correct at its FY26 Peak trading

update (e.g.: the first 36 weeks of FY26), Currys gained a further +50bps yoy of market share.

We attribute this, in part, to its strong supplier relationships and well-developed service

model. We also expect some of this outperformance has been driven by its focus on

diversifying beyond hardware sales and into other areas like services, as well as different

customer segments like B2B. While the UK remains a competitive market, we think Currys is

still gaining market share, supported by growth in products and services beyond its core

competencies.

We also note a historically strong correlation between major sporting competitions and TV

sales. As such, the Football World Cup taking place this summer is likely to provide a boost to

Currys’ topline during the first period of FY27, particularly in the TV category.

Generally, we think the impact from big football tournaments like the World Cup is notable on

the quarter but not so much on the full year. As mentioned, we expect the World Cup to

increase footfall to Currys stores, which should showcase the in-store initiatives it has

implemented to improve the in-store experience. This will also be an opportunity for Currys

to showcase the new categories it is selling.

Exhibit 1 - Currys has been outperforming the Barclaycard Electricals Stores industry data

recently

Source: Barclaycard, Company data, RBC Capital Markets estimates