Currys saw sales drop over the key Christmas period as supply issues left the retailer short of stock for some popular tech products.
The company said demand for some tech was “strong”, such as games consoles and virtual reality consoles which “flew off the shelves”.
However, Alex Baldock, group chief executive, said the firm “would want more” stock of consoles including the PS5 and Apple technology products as supply was impacted by global chip shortages.Currys reported that like-for-like group sales dropped by 5% for the 10 weeks to January 8 compared with the same period last year, but were 4% above pre-pandemic levels.
The company said sales in the UK and Ireland were 6% lower than during the same period a year earlier.Currys said it expects to post adjusted pre-tax profits of £155 million for the current financial year as a result of the performance.
The retailer also launched a £75 million programme of purchasing shares back from shareholders on Friday.