Tech retailer Currys has reported a strong start to the year, crediting its “early adoption” of AI products for taking almost half of the UK’s laptop market.
The London-listed company, headquartered in Acton, saw its like for like sales in the UK and Ireland grow by five per cent in the 17 weeks ending August 24, 2024, despite what it described as “weak” consumer demand.
Currys said its revenue had been buoyed by market share gains, with its laptop sales now accounting for almost 50 per cent of the UK’s total.
The company saw gross margin improvements which it said were driven by “continued positive momentum” in its services division, with credit and solution sales growing “above expectations”.
The retailer added that interest in AI products had also been increasing among its customers, with stores seeing an influx of people looking for advice around this type of purchase.
Currys’ mobile phone network iD Mobile, which offers SIM-only plans and phones, also experienced growth during the period, now boasting more than 1.9m subscribers – an increase of 34 per cent year on year.
While its UK and Ireland division performed well during the period, the retailer’s Nordics operation saw its revenue drop by two per cent.
In a statement on Thursday, Alex Baldock, group chief executive, said: “Trading is going well, strengthening our confidence in growing profit and free cash flow again this year.
“New AI-enabled computers are bringing excitement and innovation to customers, who are coming to our stores to learn more about the technology, helping us take almost 50 per cent share of the total laptop market.
“Along with Mobile and B2B, AI product launches have contributed to an encouraging start to the year in the UK&I, as we gain market share in an improving consumer environment.
“The Nordic consumer remains subdued, although we’re pleased to be outperforming the market while improving gross margins and controlling costs well.
“Across the Group, we’re continuing to target growth in high margin, recurring revenue services and solutions. Currys is well set for our important Peak trading period and beyond.”