Currys bets on AI devices to boost sales as it praises recent tech innovations

Currys expects AI devices to boost sales, while praising recent innovations in technology.

Alex Baldock, chief executive of the electricity retailer, said: “The next wave of AI-based technology offers arguably the most exciting technology cycle since Apple’s iPad in 2010.”

Products already doing well include the £1,249 Microsoft Copilot+ laptop and the £799 Samsung Galaxy S24 phone.

They have smart features like helping users improve photography or translating languages.

Currys believes it is “well-positioned” to take advantage of the AI ​​boost and plans “smart investments” in stores.

Baldock said the business was now heading in the “right direction” after fending off bid attempts from US and Chinese predators this year.

But investors were unimpressed by a third year of dismal sales.

They fell 2 per cent to £8.5 billion in the 12 months to April 27.

Shares fell 5.8 per cent, or 4.4 pence, to 71.65 pence, taking losses since 2021 to 55 per cent.

But managers targeted profits of £28m after a loss of £462m the previous year.