Technology retailer Currys has reported a pre-tax profit of £28mn for the full year ending 27 April 2024, and sees advancements in Artificial Intelligence (AI) technology as a real opportunity.
The retailer, which is in early phases of exploring Generative AI and has identified over 60 potential use cases, did report a 2% drop in UK like-for-like sales. Scandinavian revenues were also down 3%, but group profits climbed 10%, following a pre-tax loss of £462mn last year.
Alex Baldock, group chief executive, Currys, commented: “We can see our progress in ever-more engaged colleagues, more satisfied customers and better financial performance. Continued growth in sales of solutions and services were particular highlights: they’re good for customers, margins and recurring revenues, and they lean on Currys’ competitive strengths. We’re planning prudently but confidently for the year ahead, on course to grow both profits and cashflow while carefully stepping back up to more normal investment levels.
“Encouraged as we are by our progress, we know we can go further. For one thing, we expect AI-powered technology to be the most exciting new product cycle since the tablet in 2010. With our partnerships, scale and expert colleagues to demystify AI, we’re best-placed to benefit.
“As ever, I’m thankful to our thousands of capable and committed colleagues, whose skill and will is an inspiration to me. With them we can go so much further, and they will benefit alongside customers, shareholders and society.”
Currys stressed it will continue to focus on an omnichannel shopping model. It will also provide services such as credit and installation. Furthermore, it will work to become Europe’s largest technology repair centre.
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