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Currys (LSE:CURY) reported a rise in sales on Thursday, with the electricals retailer capturing nearly 50% of the UK laptop market. In its trading update for the 17 weeks ending on 24 August, Currys announced that group-wide like-for-like (LFL) sales had increased by 2%. In the UK and Ireland, LFL sales were up by 5%, while the retailer noted a more subdued consumer market in the Nordics, where LFL sales fell by 2%.
The growth in sales was driven by market share gains and the "encouraging" early adoption of AI-powered computing products, alongside a boost from England’s performance in Euro 2024. The company highlighted that these AI-enabled products have brought a wave of excitement and innovation, drawing more customers into stores to learn about the latest technology. This has led to Currys capturing close to half of the UK’s total laptop market.
Chief executive Alex Baldock expressed optimism regarding the company’s performance, noting that the solid trading figures reinforce confidence in continuing profit growth and generating stronger free cash flow for the year. He attributed the success in part to AI product launches, which, alongside growth in mobile and B2B sectors, have contributed to a positive start to the year for the UK and Ireland market.
The integration of AI into consumer products has created new opportunities for engagement, with customers keen to explore the capabilities of these innovations. Baldock emphasized that this has helped the company gain significant market share in a gradually improving consumer landscape. Additionally, the retailer's broad market position has benefited from increasing interest in mobile devices and AI products, which are seen as key drivers for growth.
Despite the positive performance in the UK and Ireland, the company acknowledged challenges in the Nordics, where consumer demand remains subdued. Nonetheless, Currys remains focused on building its market presence, leveraging new technology and innovation to strengthen its standing in key sectors.
Overall, the retailer’s ability to capture a significant share of the UK laptop market, coupled with the appeal of AI products, demonstrates its capacity to adapt to technological trends and meet evolving consumer needs, while continuing to grow its presence in a competitive market environment.
