Published on August 20th, 2020 | by The GC Team0
Stores reopen but AO still gaining ground
Online electricals retailer AO today said the trading momentum announced at the time of its preliminary results in July has continued and the significant change in demand for its products and services following the coronavirus lockdown has been maintained.
As a result, the four months ended 31 July 2020 recorded strong year‐on‐year revenue growth in the UK of 58.9% to £401.3m and 91.5% to €74.3m in Germany.
“Operationally, our business continues to support our customers at a time when social distancing and continued changes to official Covid‐19 guidance become the new normal,” the company said.
The business made investments to strengthen its teams and infrastructure to ensure it remains resilient and maintains high levels of customer service during ongoing periods of strong demand.
Looking forward, the company said: “The demand for AO’s products and services has been sustained since competitor stores started to reopen at the beginning of July. This reaffirms our belief that this is a structural shift in demand where customers have found a better way to shop the electricals category.”
AO added that it remains cognisant of the significant level of economic and customer uncertainty driven by both Covid‐19 and the prospect of Brexit in December and the impact this may have on demand for electricals in the medium term.
The retailer’s Interim Results are currently scheduled for release in November 2020.