January 11, 2019 / 7:24 AM / 5 months ago

AO World's UK sales growth slows in Christmas quarter

LONDON (Reuters) - UK online electricals retailer AO World (AO.L) said on Friday sales growth slowed in its home market in the Christmas quarter, though it maintained its guidance for the full year.

AO, which sells domestic appliances such as cookers and fridges, said UK revenue rose 4.4 percent in the three months to Dec. 31, its fiscal third quarter. That compared to UK sales growth of 5.7 percent for its first half.

The group said its total sales rose 8.2 percent, including growth in Europe of 31.3 percent.

“Against a challenging backdrop, Q3 represents a solid performance across the AO Group. We are on track with our plans,” said Chief Executive Steve Caunce.

Industry data published on Thursday showed British retailers suffered their worst Christmas since the depths of the financial crisis a decade ago.

Shares in AO, down 16 percent over the last six months, closed Thursday at 124.2 pence, valuing the business at 588 million pounds.

Reporting by James Davey, Editing by Paul Sandle

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