'Supersize' TV sales shoot up thanks to Euro 2024

Michael Race, a business reporter for BBC News, has highlighted a significant surge in the sales of large TVs, thanks to the ongoing Euro 2024 football tournament. Three men were seen sitting on a sofa, engrossed in a football match on TV. The CEO of Currys, Alex Baldock, is optimistic that England's continued participation in the tournament will further boost the sales of big TVs. The electricals chain reported a more than 30% increase in UK sales over the past month, with 'supersize' screens, 85 inches and above, being particularly popular. Mr. Baldock remarked, 'Long may England and Denmark stay in the Euros - that's doing well for us.

In addition to strong UK sales, TV sales in the Nordics, another key market for Currys, have surged by as much as 90% compared to last year. Mr. Baldock noted that large-screen TVs, over 85 inches, are currently the fastest-growing segment for the company. Meanwhile, John Lewis, a well-known department store, reported a 47% increase in sales of TVs, speaker systems, and soundbars in the week leading up to the Euros, compared to the same period last year. Many customers are opting for larger screens, with sales of 65-inch and 70-inch screens more than doubling from the previous year. Katrina Mills, the lead TV and AV buyer at John Lewis, commented, 'Our customers clearly want to be immersed in great sporting action this summer, bringing the stadium experience to their sofas.

Currys has reported an annual profit of £28m, a significant turnaround from a £462m loss the previous year. The company, which operates 719 stores across northern Europe, sells a range of electrical goods including fridges, washing machines, TVs, and computers. Over the past few years, Currys has saved hundreds of millions of pounds by cutting costs in its UK and Ireland operations. Mr. Baldock stated that technology powered by artificial intelligence (AI) represents the 'most exciting new product cycle' since tablets were first introduced in 2010. He highlighted that consumers are particularly drawn to AI products, especially PCs and phones, for features such as enhanced photography, language translation, and extended battery life. Russ Mould, an investment director at AJ Bell, noted that Currys is enthusiastic about the potential of AI. The company is optimistic about the success of its Copilot+ PCs, which are marketed as the fastest and most intelligent Windows PCs available.

Despite facing risks such as competition from non-specialists and potential future declines in consumer spending, Currys appears to be in a much better position than it was a year ago. The company reported slightly slower sales compared to the previous year, as consumers continue to tighten their budgets amid rising living costs. While phones and mobile services performed well, demand for domestic appliances weakened, and sales of electronics and computers declined more sharply. The retailer also noted an increase in the use of credit in the UK and Ireland, accounting for a fifth of purchases. Earlier this year, a US investment firm expressed interest in Currys after the board of the UK retailer rejected several offers.