Currys owner upbeat as profits surge

L But City points to threat from likes of Amazon and consumer squeeze

its unique position as the last electrical specialist standing on the UK high street, but the company faces the triple threat of Amazon’s relentless expansion, sterling’s weakness and a squeezed UK consumer.”

Dixons said its electricals sales – seen as a retail bellwether – had so far proved resilient to the consumer squeeze being felt by many high street rivals.

Singer said the group had seen “nothing out of the ordinary”, although it is expecting “modest” growth in electricals sales over the year ahead.

Other retailers have been sounding the alarm over the squeeze from Brexit-fuelled inflation, with department store chain Debenhams the latest to warn over trading conditions on Tuesday.

Sofa retailer DFS sparked fears over a slowdown earlier this month when it issued a surprise profit warning, blaming political and economic uncertainty.

Dixons said strong electricals sales in the UK and Ireland offset a more “challenging” mobile phone market, hit by supply issues with some models and more competitive Simonly deals. Internationally, the group said sales in the Nordics rose 1 per cent and were 6 per cent higher across southern Europe.