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AO World posts first-half earnings loss after marketing drive

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AO World posts first-half earnings loss after marketing drive

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LONDON (Reuters) – British online retailer AO World <AO.L> said the better sales momentum it saw in its second quarter was continuing as it heads towards the Christmas sales period, although increased spending on marketing resulted in a first-half earnings loss. The company, which sells electrical appliances in British and mainland European markets, on Tuesday said revenue in the six months to end-September rose 13.3 percent to 368 million pounds. The group reported an adjusted core earnings loss of 6.3 million pounds, down from a 1.5 million pounds profit last year. “We are broadly on track with our plans for the year as a whole – with the positive impact of improving sales growth through the first half of the year combined with the first half biased phasing of our marketing spend – in spite of the challenging UK market conditions,” said CEO Steve Caunce.

(Reporting by Paul Sandle; editing by Kate Holton)
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