Battle of the etailers heats up as results come out
APPLIANCE etailer BuyItDirect has reported strong results whilst its rivals seem to have fallen by the wayside.
The Huddersfield-based has reported pretax profits of £2.4m for 2014/5, seven times their profits from the year before.
Revenues increased to £105m for the year, and the firm now employs 150 people at its site.
However competitors haven’t been doing so well. AO.com another appliance retaielr, reported pretax losses of £2.9m, which caused it share price to be cut by over a third.
AO World’s share price is looking worse for wear despite only debuting on the stock market in February 2014, when it was valued at £1.2bn, despite profits of less than £8m, and it has only gone downhill from there.
Nick Glynne, managing director of BuyItDirect has the following statement to make: “It’s clear that our strategy of old fashion retailing combined with cutting edge etailing and putting the customer at the centre of our business has paid off and we’re confident about the years ahead.”
BuyItDirect was one of the first to realise the potential of the internet for selling electrical appliances, selling laptops online from 1999. The firm now stocks appliances from laptops and televisions to fridges, furniture and servers.
