AO World in the UK is lowering its profit forecasts, Reuters points to a shortage of products
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(Reuters) – British electricity retailer AO World on Tuesday cut its 2022 earnings forecast by citing supply chain problems and warned of a lack of certain product categories ahead of a crucial holiday shopping season.
The company, which sells laptops, washing machines, mobile phones and printers, had an operating loss of £ 11 million ($ 14.72 million) in the six months ended September 30, compared to a profit of £ 16 million a year ago. .
AO World, which has seen profits grow during the pandemic, continues to see supply chain challenges in some categories with poor usability, especially in newer products, products with less scale, experience and leverage.
The company expects adjusted annual earnings of between £ 10 million and £ 20 million for the 12 months ending 31 March 2022 compared to the forecast of £ 35 million and £ 50 million issued in October.
By the year 2021, profits had almost tripled to £ 64 million.
($ 1 = 0.7472 pounds)
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