Chip shortages hit factories in China and Japan; global tourism faces $4trn GDP hit – business live

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Dixons Carphone’s pre-tax profits rose by 34% in the year to 1 May as it notched up almost £5bn in online sales of electrical goods including televisions, laptops and video game consoles to consumers stuck at home during the Covid-19 pandemic lockdowns.

The retailer, which owns the Currys PC World brand, said revenues from electrical goods ordered online more than doubled year on year to £4.7bn.

Online sales accounted for just over 45% of the company’s total annual revenues, which rose 2% to £10.3bn. Like-for-like sales of electrical goods were up 14% despite stores in the UK, Ireland, Norway, Denmark and Greece being shut for substantial periods.

The company’s adjusted pre-tax profits rose by 34% year on year to £156m, slightly ahead of analyst expectations.

Dixons Carphone said there was high growth in sales of computing products, especially Apple devices, as well as headphones. Sales of major domestic appliances were slower while shops were closed but the company said they had been encouraging since reopening.

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