Energy efficient gadget sales help offset slump in demand for Xmas tech at Currys | Business News

Currys has reported a slump in Christmas sales, with the football World Cup even failing to bolster demand for TVs.

The electricals retailer said the cost of living crisis meant traditional favourites were out of favour as consumers hunted energy efficient appliances instead.

Like-for-like sales in the UK and Ireland fell 5% in the 10 weeks to 7 January compared to the same period in 2021/22.

Currys said the decline partly reflected high levels of sales seen over the last two pandemic-hit years.

Chief executive Alex Baldock told reporters: “It hasn’t been a bumper peak trading season for technology retail, for example the computing and the TV markets were in quite a challenging space.

“By contrast we did well in (domestic) appliances and in mobile,” he said, highlighting particularly strong demand for energy efficient appliances.

He said sales of air fryers were up 500% year-on-year, while microwave sales were up 30%.

Sales of heat pump tumble dryers and energy efficient washing machines were also strong.

Currys kept its financial guidance for the full year – maintaining a cut to the profit outlook for the full year to April that was imposed last month after a loss-making first half.

That was blamed on weak sales in a heavily-discounted Nordics market.

The company admitted the overseas business had suffered a further deterioration over the festive season, with sales 10% down.

Shares rose 8% in early deals, reflecting relief that the profit guidance was unchanged.

Currys said it still expected to deliver 2022-23 adjusted profit before tax of between £100m-£125m – down from the £186m achieved in 2021-22.