Yahoo Finance 'Supersize' TV sales shoot up thanks to Euro 2024
England's European Championship games may not have been exciting viewing so far, but the boss of Currys hopes the Three Lions stay in the tournament to continue a boost in sales of big TVs.
The electricals chain said UK sales were up by more than 30% in the past month, with boss Alex Baldock adding so-called "supersize" screens - 85 inches and above - were proving popular.
"Long may England and Denmark stay in the Euros - that's doing well for us," Mr Baldock said.
As well as strong UK sales in the run-up to the tournament, which also featured Scotland, the retail boss said TV sales in the Nordics - its other main market - were up as much as 90% on last year.
"Large-screen TVs - over 85 inches - is the fastest-growing segment for us at the moment," Mr Baldock said.
Meanwhile, department store John Lewis said sales of TVs, speaker systems and soundbars were up 47% in the week before the Euros started, compared with the same time last year.
The High Street stalwart said many customers were upgrading to larger screens, with sales of 65-inch and 70-inch screens more than doubling on last year.
"Our customers clearly want to be immersed in great sporting action this summer, bringing the stadium experience to their sofas," said Katrina Mills, lead TV and AV buyer at the group.
"They want a picture and sound quality to rival the real deal - and when it comes to TVs, it’s certainly the bigger, the better this summer."
AI tech
The sales boost for Currys came as the retailer reported an annual profit of £28m, following a huge £462m loss the year before.
The company, which has 719 stores across northern Europe selling fridges, washing machines, TVs, computers and other electrical goods, said it had saved hundreds of millions of pounds in the past few years by cutting costs across its UK and Ireland operations.
Mr Baldock said the retailer expected technology powered by artificial intelligence (AI) to be the "most exciting new product cycle" since tablets first hit the market in 2010.
He said consumers were drawn to AI products, particular PCs and phones, for features such as enhanced photography, language translation and extended battery life.
Russ Mould, investment director at AJ Bell, said: "Currys has joined the bandwagon to hype up opportunities with AI. The company is expecting to do well with Copilot+ PCs – pitched as the fastest and most intelligent Windows PCs on the market.
"The company does face risks, including competition from non-specialists and any future weakening in the consumer backdrop, but it looks in a much better place than it did a year ago.”
Currys reported slightly slower sales compared with the previous year as consumers continued to rein in budgets amid higher living costs.
Phones and mobile services sold well but demand for domestic appliances weakened and electronics and computer sales fell more steeply.
The retailer said the use of credit climbed in the UK and Ireland to make up a fifth of purchases.
Earlier this year, US investment firm Elliott Advisors scrapped plans for a takeover bid for Currys after the board of the UK retailer rejected several offers.
