Mindtree announced that it has enabled the UK’s leading retailer of technology products and services, Currys, to deliver a connected and highly personalised omnichannel shopping experience to its customers across multiple markets.
As part of the multi-year engagement, Mindtree has leveraged its extensive retail and digital expertise to design and implement a comprehensive omnichannel solution that provides a unified customer experience across rapidly converging online, mobile, and in-store shopping, while driving cross-channel fulfilment and inventory optimization for Currys. Through unified consoles, Mindtree has also empowered Currys’ more than 32,000 colleagues spread across the company’s retail stores, offices, contact centres, supply chain, and distribution centres to better support the omnichannel customer journey with enhanced speed and quality of service.
The solution, built using state-of-the-art Salesforce and Mulesoft technologies, has helped Currys become more data-driven. This supports its strategy to build customers for life by getting to know its customers better and driving meaningful engagement with them, while also making it easier for those customers to shop with Currys, thus maximizing cross-sell and upsell opportunities and post-sales lead generation. Mindtree and Currys are continuing to collaborate on further innovations in mnichannel retail to enhance productivity and flexibility.
Currys has posted an increase in full-year earnings but cautioned that “the outlook for consumer spending is uncertain” as the cost-of-living crisis mounts.
The electricals giant registered a 19% uplift in adjusted pre-tax profit to £186m in the year to April 30. Adjusted EBIT climbed 5% to £274m in what it called “a year of significant change, uncertainty and disruption”.
Currys’ core UK and Ireland business delivered a 21% improvement in adjusted EBIT to £111m, while earnings from its international operations contracted 4% to £163mAlex Baldock, Group Chief Executive
“These strong results show the vital role that technology plays in millions of lives, and that more and more
customers are turning to Currys to help them enjoy that technology to the full.
We owe this performance to our thousands of capable and committed colleagues, who’ve built a stronger Currys.
They’ve loved seeing customers returning to our stores in droves, and helping them with face-to-face expert advice
and the full range of our services that ensure customers stick with us. Stores, in tandem with online, give our
customers the omnichannel best of both worlds they clearly prefer.
A stronger business allows us to help customers through the cost of living crisis. Our well-established price promise
means customers “won’t get it cheaper. Full stop” on all products and today we’re going even further with “2021
Price Lock”, our new price freeze on dozens of great products. We’re investing in our energy-efficient “Go Greener”
range. We’re doing more to help customers spread the cost, announcing “12 month Pay Delay” on every purchase
over £99. And we’re doubling down on giving longer life to the technology customers already have; as leaders in
protection, repair, trade-in and recycling, we’re uniquely placed to do so.
Our scale as an international market leader, our grip on costs and our strong relationships with suppliers will allow
us to manage inflationary headwinds and keep amazing technology within reach of everyone, even now. That’s
what Currys exists to do, and it’s never mattered more.”
Strong operational and financial performance; adjusted EBIT margins improved to 2.7% (2020/21: 2.5%)
Record highs in colleague engagement and customer satisfaction
Group store sales up +24% (UK&I +61%), higher than expected as customers rediscovered the benefits of stores
International: Generated 46% of sales and 59% of adjusted profits; entered new market with two stores in Cyprus
UK&I: Returned to market share growth; sustainable in-year cost savings of £69m
Repaired over 1.7m pieces of tech during the year
Ended year with good availability and prudent stock levels
Group LFL (3)% (Yo2Y +10%); Revenue (2)% (Yo2Y flat)
Group adjusted PBT £186m included a level of unexpected network debtor revaluations and settlements (2020/21:
Group Profit before tax £126m (2020/21: £33m)
Free cash flow £72m inc £(88)m working capital outflow (2020/21: £438m inc £454m working capital inflow)
Year-end net cash £44m (2020/21: £169m) with average net cash £290m, compared to average borrowings of over
£350m two years ago
IAS 19 Pension liability reduced to £(257)m (2020/21: £(482)m)
£78m returned to shareholders in dividends and buybacks, proposed final dividend of 2.15p to take full year
dividend to 3.15p, +5% YoY and remainder of buyback to be executed
All figures are year-on-year unless stated. There are a number of non-GAAP measures and alternative profit measures “APMs” discussed within this announcement.
Adjusted results are consistent with how business performance is measured internally and presented to aid comparability of performance. Refer to the glossary and
definitions section set out at the end of this report for further details on definition, purpose, and reconciliation to nearest statutory measure
Shares in the FTSE 250 Currys the electronics retailer jumped 8 per cent, or 7.45p, to 100.3p after financial news blog Betaville suggested a mystery buyer, possibly private equity, was circling the group.Currys shares have fallen by around a third over the last 12 months, meaning the firm could potentially be eyed as a cut-price acquisition opportunity.
Electricals retailer Currys has edged down its full year profit guidance after what it called a “challenging” technology market at Christmas with uneven customer demand and supply disruption.
The group, which trades from more than 800 stores in seven countries and online, said it expected to deliver a full-year 2021-22 adjusted pretax profit of around £155 million, versus last month’s guidance of about £160 million and £156 million made in 2020-21.
Currys said like-for-like revenue fell 5% in the 10 weeks to Jan. 8 year-on-year, but was up 4% against the same period in 2019-20, before the pandemic impacted trading.
Currys Plc announced new rapid delivery via Uber a three month trial in London starts November 16th