UK households preparing for another sweltering heatwave are being warned by Currys that essential cooling equipment may be in short supply. The electrical retailer's Chief Executive Alex Baldock has confirmed "tight" stock levels for fans and air conditioning units, sparking concerns among consumers who experienced sold-out shelves during last month's record-breaking temperatures.
Figures suggest a significant surge in demand: fan sales soared by almost 3,000% over the latest heatwave weekend compared to the previous week, while air conditioning unit sales jumped 330%. Despite this, Currys, which operates across 691 UK stores and has secured available products better than some competitors, is working hard to meet customer needs.
Currys' annual financial results, published alongside the warning, reveal a 6% increase in sales to £9.2 billion for the year ending 2 May, with pre-tax profits rising by 23% to £153 million. Established UK stores saw a 3% growth in sales, driven by expansion into new product categories and increased business sales.
Mr Baldock also addressed global economic concerns, pointing to an impending silicon chip shortage fuelled by AI datacentre demand. While Currys has secured its computer and mobile phone supplies until at least September, the retailer is working to mitigate potential price increases through its market position.
The CEO used the opportunity to call for government policy changes, including reversing National Insurance contribution hikes and reconsidering restrictions on employment contracts. He highlighted the 30% cost increase in employing a part-time worker following October's budget announcements, as well as advocating for tax breaks on low-value imported items and accelerated changes to business rates.