Currys chief executive Alex Baldock said AI-powered products are “the single most exciting new product innovation since the tablet in 2010” as they start to drive sales at the electricals retailer.
He singled out the Samsung Galaxy S24 as “one of our best sellers at the moment and is one of reasons that our mobile category is back into profitable growth and market share gains”.
He praised AI-powered devices for their practical benefits, stating they “help consumers solve real problems”, emphasising “It’s not just some technology for its own sake”.
Baldock elaborated on how AI-powered devices can “make you a better photographer”, provide instant language translation, improve video call setups, and save time by quickly locating documents and photos on laptops.
“Consumers are really buying into it,” he said.
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He added that the business is “well placed” with its partnerships, scale and channels to maximise the potential of these new -driven AI products.
“We expect them to play a role in growing profits and cash flow this year and 2025. We’re already seeing substantial consumer demand in mobile and in computing,” Baldock said.
Currys was the first retailer globally to launch Microsoft Copilot+PC, which integrates the tech giant’s AI tools and features on its keyboard and Baldock said he was “quietly pleased” with how the line had performed.
The retailer is also working with Microsoft and Accenture to deliver core cloud technology infrastructure to help it leverage the latest AI technologies across its business.
The tie-up will will enhance operations, elevate the shopping experience, and improve the colleague experience for the electricals retailer’s 25,000 staff.
It is “in the early stages” of exploring generative AI with Microsoft and Accenture. After identifying over 60 potential use cases, it is focusing on opportunities in aftersales returns and repairs.
Currys revaled adjusted pre-tax profit had jumped 10% in its full year to 27 April as its trading momentum improved throughout the year.
Baldock said: “Our performance continues to strengthen. We’ve kept up our encouraging momentum in the UK and Ireland, our Nordics business is getting back on track, and we’re stronger financially. ”
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