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AO World sees surge in first-half sales as online sales momentum continues
StockMarketWire.com
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European online electrical retailer AO World said it expected to report a jump in first-half revenue as online UK sales momentum continued despite the reopening of competitor brick and mortar stores.
For the six months ended 30 September 2020, the company expected to report revenue in the region of £715m, an increase of 57% year-on-year. In the UK, revenue was expected to rise about 54% in the period, and 83% in Germany. 'In our UK retail business, the sales momentum continued from Q1 throughout Q2 despite the reopening of competitor bricks and mortar stores. We believe we have seen a lasting step change in online penetration,' the company said. Gross margins were hurt, however, as its mobile business saw increased cashback redemption rates and cancellation of contracts with networks. The company said it had changed the mix of its customer proposition to minimise this risk in future.
Story provided by StockMarketWire.com
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