Major UK electronics retailer Currys has reported a robust Christmas trading period, prompting an upgraded profit outlook for the financial year. The company announced a 6% increase in revenue over the crucial 10-week period leading up to 10 January, driven by strong performances across its markets.
Regional Sales Performance Highlights Growth
Sales in the UK and Ireland rose by a solid 3%, while the Nordics region experienced a significant 12% jump. This surge in the Nordics has contributed to Currys expanding its market share in the competitive electronics sector.
AI-Powered Technology Drives Consumer Demand
The retailer highlighted exceptionally high demand for artificial intelligence-powered devices. Popular items included robot vacuum cleaners, wearable technology, and smart glasses such as the Meta Ray-Ban and Oakley Meta models. Sales of the Oakley Meta smart glasses soared by an impressive 270%, indicating strong consumer interest in cutting-edge tech products.
CEO Notes Cautious Consumer Sentiment
Despite the positive results, Currys CEO Alex Baldock noted that UK consumers remain cautious in their spending habits. He described them as "hoarding cash" due to ongoing concerns about inflation and interest rates. This caution is reflected in the broader technology market, which declined by 2% during the same period.
Additional Business Areas Show Growth
Currys also reported growth in other areas of its business:
- The iD mobile network saw a 19% increase in subscribers
- The technology repair service experienced a 7% rise in sales
These developments suggest consumers are increasingly valuing both connectivity and product longevity alongside their new technology purchases.
