Key facts
- Currys CEO Alex Baldock warned of tight supplies for fans and air conditioning units ahead of an expected UK heatwave.
- Sales of fans surged nearly 3,000% and air conditioning sales increased 330% during the recent heatwave.
- Currys reported a 6% increase in annual sales to £9.2bn and a 23% rise in pre-tax profits to £153m.
- The company is expanding into new product categories and services.
- Baldock called for government action to reduce business costs and create a fairer competitive environment for retailers.
Currys CEO Alex Baldock has warned that supplies of essential cooling appliances like fans and air conditioning units are "tight" as the UK braces for another heatwave. He noted that sales of these items had "flown off the shelves" during June's record temperatures, with fan sales up nearly 3,000% and air conditioning sales up 330% over a recent heatwave weekend.
Baldock made these remarks while announcing Currys' annual results, which showed a 6% increase in sales to £9.2bn and a 23% rise in pre-tax profits to £153m for the year ending May 2. Sales in established UK stores grew by 3%, outperforming the wider market, as the company diversified into new product areas like coffee machines and AI-driven laptops, and expanded its services.
Trading since May has continued to be strong, partly attributed to increased sales of large TVs and other items related to the football World Cup. Baldock also addressed inflation concerns, citing global silicon chip shortages and demand from AI data centers, but confirmed Currys had secured its supply of computers and mobile phones until at least September. He expressed a desire to shield consumers from price increases.
Furthermore, Baldock urged the government to reduce employers' national insurance contributions and to ensure a level playing field for retailers concerning business rates and tax breaks on imported goods. He is set to depart Currys in the autumn to become the CEO of Boots.