Why technology retailer Currys saw sales drop over Christmas

The company said demand for some tech was "strong", such as virtual reality consoles which "flew off the shelves".

It added that other games consoles, including the PS5, and home appliances also saw positive sales over the period.

However, the firm said the overall UK tech market shrank by around a tenth compared with the same period last year.

Currys reported that like-for-like group sales dropped by 5 per cent for the 10 weeks to January 8 compared with the same period last year, but were 4 per cent above pre-pandemic levels.

The company said sales in the UK and Ireland were 6 per cent lower than during the same period a year earlier.

UK online sales jumped by 29 per cent against pre-pandemic levels as the company continued to see momentum across its digital business.

The group's international division saw sales decline by 3 per cent over the period compared with 2020, although this was 14 per cent ahead of figures from two years earlier.

Alex Baldock, group chief executive of Currys, said: "The technology market was challenging this Christmas, with uneven customer demand and supply disruption.

"Against this backdrop, Currys' colleagues showed their resilience and the stronger business we've built.

"We gained market share, improved customer satisfaction, traded profitably and can look ahead with confidence."

Currys said it expects to post adjusted pre-tax profits of £155m for the current financial year as a result of the performance.

The retailer also launched a £75m programme of purchasing shares back from shareholders on Friday.

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