Top 5 FTSE 250 retailers that could follow Currys with buybacks in 2025

How Currys plc’s £50 million repurchase strategy may spark a wider capital return wave in UK retail

When Currys plc (LSE: CURY) announced a £50 million share buyback programme in early September 2025, it didn’t just lift its stock by nearly 16%—it also reignited conversations around capital return strategies across the UK retail sector. As investors recalibrate expectations for FTSE 250 retailers transitioning from recovery to resilience, share repurchases are emerging as a critical confidence signal. Currys’ programme, backed by a strong net cash position, a sharply reduced pension deficit, and improving services revenue, is being viewed by institutional investors as a benchmark for what shareholder alignment looks like in 2025.

The post-pandemic playbook for British retailers is shifting. No longer solely about restructuring, cost-cutting, or supply chain realignment, the new era is defined by free cash flow discipline, targeted reinvestment, and capital returns. Within this context, five FTSE 250 names—Marks & Spencer Group plc, Kingfisher plc, Next plc, JD Sports Fashion plc, and B&M European Value Retail S.A.—stand out as potential buyback candidates. Whether through active repurchase programmes already underway or untapped balance sheet strength, each of these players is showing signs that they may follow Currys down the path of returning cash to shareholders.

Why is Marks & Spencer showing early signs of joining the retail buyback cohort?

Marks & Spencer Group plc (LSE: MKS) has re-emerged as a standout in British retail, delivering year-on-year revenue growth across both its clothing and food divisions. For the fiscal year ended 2025, Marks & Spencer reported revenue of approximately £13.8 billion, up 6% from the prior year, and a substantial improvement in pre-tax profits. With its turnaround firmly on track, analysts are highlighting M&S as one of the most balanced FTSE 250 retailers in terms of capital structure, cash generation, and shareholder return optionality.

While no new buyback has been formally announced this year, the retailer has already executed share repurchases worth nearly £150 million over the past 12 months. Its balance sheet shows reduced net debt and improved pension funding status, which had historically limited its ability to consider discretionary returns. The group is also generating strong operating cash flows and keeping capital expenditure around the £500 million mark, leaving room for further shareholder distributions. If margin expansion and digital channel gains continue, Marks & Spencer may well scale up buybacks as part of its evolving capital return framework.

How is Kingfisher delivering one of the largest FTSE 250 buyback programmes this year?

Kingfisher plc (LSE: KGF), the home improvement retail group behind brands such as B&Q, Screwfix, Brico Dépôt and Castorama, is already executing one of the most substantial retail buyback programmes of 2025. Earlier this year, Kingfisher announced a £300 million capital return plan, with the first £50 million tranche completed in the first half of the year. A second tranche—also sized at £50 million—is currently underway and is scheduled to conclude by late September 2025.

Despite reporting a modest sales decline in France due to softer consumer sentiment and project delays, Kingfisher has maintained its capital return pace, suggesting strong internal conviction in its cash flow resilience. In the UK and Ireland, Screwfix and B&Q continue to perform well, with online sales holding steady. Investors have responded positively to the clarity of the group’s capital allocation framework. Kingfisher has also reduced its adjusted net debt, maintained dividends, and reaffirmed full-year guidance, all of which indicate scope for continuing repurchase activity into 2026 if current trends persist.

What makes Next plc’s ongoing buybacks a quiet but effective confidence signal?

Next plc (LSE: NXT) has long maintained a disciplined capital allocation policy, prioritising earnings quality, digital growth, and shareholder alignment. The retailer has been conducting regular buybacks under its ongoing shareholder mandate, which authorises repurchases of up to 14.99% of its issued share capital. In recent weeks alone, Next repurchased between 55,000 and 57,000 ordinary shares daily, with average purchase prices hovering near 11,700 pence per share.

In terms of financial performance, Next remains one of the most consistently profitable FTSE 250 retailers. For fiscal 2025, group sales exceeded £6.3 billion, and profit before tax crossed the £1 billion threshold. With minimal net debt and a business model that benefits from both digital scaling and robust logistics, Next is well positioned to continue using buybacks to return surplus capital. Analysts suggest that the repurchase activity is particularly effective at defending valuation in periods of macro uncertainty, and the board’s track record in this area supports the view that more discretionary buybacks may follow.

How is JD Sports balancing cautious trading with a £100 million repurchase strategy?

JD Sports Fashion plc (LSE: JD) has also leaned into share repurchases in 2025, completing a £100 million buyback programme in July. The group acquired approximately 121.7 million shares at an average price of £0.8268 per share and continues to hold nearly 80 million shares in treasury. Despite macroeconomic caution, including soft U.S. sales and broader sportswear market headwinds, JD Sports doubled down by initiating a second £100 million buyback in the summer—indicating confidence in long-term fundamentals.

JD’s current strategy reflects a dual focus: absorbing short-term volatility through active cost management while using balance sheet flexibility to return capital and support earnings per share. Analysts remain divided on short-term outlooks due to inventory dynamics and U.S. tariff exposure, but institutional sentiment suggests that the buyback is helping anchor valuation while the group repositions for margin recovery. With a diversified brand portfolio, ongoing global expansion, and strong treasury stock positioning, JD Sports may continue to allocate capital toward buybacks in 2026 depending on holiday trading performance.

Is B&M European Value Retail the next dark horse for a future share repurchase programme?

B&M European Value Retail S.A. (LSE: BME), a leading player in the UK value retail segment, has yet to announce any formal buyback programme—but analysts are beginning to speculate that one could be on the horizon. The company delivered group revenue of £5.57 billion for FY25 and EBITDA of approximately £620 million, with a modest gross margin expansion to 37.6%. While B&M has historically favoured dividend distributions and reinvestment over repurchases, its low capital intensity and strong store-level returns are creating balance sheet headroom.

Cash flow from operations remains solid, and the retailer continues to open new stores while keeping central costs tightly managed. Although shareholder yield sits below historical averages, the group’s trajectory—particularly if it achieves its targeted double-digit earnings growth for FY26—could open the door to a selective buyback or special capital return. For now, B&M is considered a “watch list” candidate for capital return, with its next two quarterly updates likely to determine whether it joins its FTSE 250 peers in initiating a repurchase programme.

Why institutional investors are watching buyback execution as a new retail quality signal

The resurgence of buybacks in the FTSE 250 retail segment is not just a financial footnote—it is being actively monitored by institutional desks as a proxy for operational confidence, strategic maturity, and return discipline. Currys plc’s stock price reaction to its £50 million buyback announcement revealed how acutely the market is tuned into capital allocation signalling, especially in a post-COVID and post-inflationary environment where valuation multiples remain compressed.

What unites the retailers covered here—whether they have initiated repurchases or are still evaluating them—is a shared trajectory from balance sheet repair to shareholder alignment. Each has demonstrated a degree of earnings consistency, margin stabilization, or cash reserve buildup that makes buybacks not just plausible, but potentially strategic. As macro uncertainty persists, investor preference is shifting toward companies that can return capital without compromising reinvestment or resilience. If execution remains disciplined, Currys’ £50 million programme may be just the beginning of a broader capital return renaissance in UK retail.