Currys has reported a surge in sales of AI-powered gadgets, 85-inch TVs, and drones, hailing artificial intelligence as the "most exciting" tech advancement since the tablet's heyday.
Despite a slump in demand for electronics and appliances over the last year, the retailer spotlighted these hot items. Alex Baldock, the chief executive, said: "Large-screen TVs over 85 inches is the fastest-growing segment for us at the moment."
He added: "Gaming is on fire, and AI-enabled gaming PCs are going really well. Lots of people thought the camera was in decline well, action cameras and drones have contradicted that." Baldock also noted a 49% jump in air fryer sales last year, as consumers opt for energy-saving and healthier cooking options.
He predicted: "Looking forward, we expect AI-powered products, particularly computers and mobile, to be the single most exciting new product cycle innovation since the tablet in 2010. Consumers are already waking up to what AI-powered devices can do for them, and we're expecting to benefit from that."
Highlighting the trend, he mentioned the Samsung Galaxy S24 as one of the top sellers, with customers attracted to features like improved photography, high-quality video calls, longer battery life, and real-time translation. Currys has announced that it is investigating the potential of AI to enhance its business operations, aiming to save both time and money.
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The company has identified over 60 potential applications, particularly in relation to returns and repair work. Meanwhile, the retailer celebrated a return to annual profit after reducing business costs, and noted an increase in customers using credit for their tech purchases. A pre-tax profit of £28million was reported, a significant turnaround from the £462million loss recorded the previous year.
The global company, with 719 stores, has saved hundreds of millions of pounds in recent years by cutting costs across its UK and Ireland operations. It has also concentrated on boosting performance in its second largest market, the Nordic countries, including Norway, Sweden, Finland, and Denmark.
However, Currys reported a slowdown in sales compared to the previous year as consumers tightened their belts due to rising living costs. Revenues for the year to April 27 were reported at £8.5billion, a 2% decrease at constant currency from the previous year.
While phones and mobile services sold well, demand for domestic appliances weakened and electronics and computer sales fell more sharply. The retailer also noted an increase in the use of credit in the UK and Ireland, accounting for a fifth of purchases.
Currys provides buy now, pay later credit plans for customers, profiting from interest payments if shoppers fail to repay within the set period. Mr Baldock said: "Our performance continues to strengthen. We've kept up our encouraging momentum in the UK and Ireland, our Nordics business is getting back on track, and we're stronger financially."
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