Currys Sales Rise 3% UK Ireland Hot Summer Boosts Demand

Currys has reported a 3% increase in sales in the UK and Ireland for the 17 weeks ending August 30, driven by strong demand for air conditioning units amid Britain's hottest summer on record, alongside growth in AI computing and gaming products. The retailer's Nordic region also saw a 2% rise in revenues, supported by new product ranges such as robotic lawnmowers and vacuums. Currys' CEO Alex Baldock expressed confidence in continued profit margin improvements and highlighted the company’s progress in new categories, business-to-business services, and its mobile network brand iD Mobile, which is on track to exceed its subscriber target. Despite declines in sales of TVs, tablets, and air fryers, the company benefits from increased use of credit-based purchasing options, which now account for 23.3% of transactions. Currys launched a £50 million share buyback program following its robust performance and is on course to grow annual profits by 5% to £170 million. The company has also called on the UK government to reconsider proposed business rates reforms that could negatively impact large retailers and the high street economy.