Yahoo Finance Euros trigger bumper demand for TVs and wine coolers at AO World
Pandemic ‘winner’ AO World has cheered annual sales reaching £1.7 billion, and the online electricals retailer’s recent trading has been boosted by customers upgrading TVs for the Euros.
The FTSE 250 group’s boss John Roberts said sales of QLED TVs and wine coolers surged 161% and 126% year on year in the run up to Euro 2020 last month.
Roberts gave the update as AO World showed how during the pandemic shoppers moved online like never before. Revenue in the year to March 31 surged 62% to £1.7 billion.
Pretax profits jumped to £20 million from £1 million during a period that saw the retailer invest in more staff, vans and warehouse space to cope with high volumes of orders.
There was high demand for larger fridges, chest freezers and gaming goods as customers prepared for spending more time at home.
Roberts added that recent trading has been encouraging, even after high street rivals reopened offering buyers more options of where to shop.
The company said: “Our firm view is that the shift to online retail, accelerated by Covid restrictions, is continuing.”
AO World is aiming to double revenues and expand further internationally within five years.
It wants to launch in France, Spain and Italy, adding to its UK and Germany arms.
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