for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up
Money News

UK retailer AO World's sales surge as demand continues after lockdown

(Reuters) - Online electricals retailer AO World said on Thursday its revenue surged in the months during and after the easing of coronavirus lockdowns as demand for its products and services was sustained even after its rivals reopened stores in July.

The company said year-on-year revenue in the UK jumped 58.9% to 401.3 million pounds ($524.74 million) and 91.5% to 74.3 million euros ($87.93 million) in Germany for the four months ended July 31.

“This reaffirms our belief that this is a structural shift in demand where customers have found a better way to shop the electricals category,” the company, which sells washing machines, fridges, cookers, televisions and mobile phones, said.

Retailers like Ocado, Zalando and Boohoo have benefited from the lockdown-triggered buoy in online shopping. Last month, AO World posted a more than 50% rise in annual core profit and said printers, breadmakers and Nintendo Switch video consoles were in demand.

The company also said it remains cognisant of the significant level of economic and customer uncertainty due to COVID-19 and the prospect of a December Brexit, and the impact this may have on demand for electricals in the medium term.

($1 = 0.7648 pounds)

($1 = 0.8450 euros)

Reporting by Tanishaa Nadkar in Bengaluru; editing by Uttaresh.V

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up