Monday 24 June
- German Ifo economic survey
- Belgian Courbe Synthetique economic survey
- In Asia, quarterly results from L’Occitane
- In Europe, quarterly results from Prosus and Trigano
Tuesday 25 June
- US Case-Shiller house price index
- US Conference Board consumer confidence index
- In the USA, quarterly results from FedEx and Carnival
Wednesday 26 June
- Full-year results from Volex
- US new homes sales
- US oil inventories
- In the USA, quarterly results from Micron, General Mills, Levi Strauss, BlackBerry and NovaGold
- AO World full-year results
AO World, an electronics and appliances retailer who makes up 16% of the market share for the major domestic appliance market, will provide its full-year results this Wednesday.
Shares for AO World have reached a near-12 month peak following a company restructuring, but they are still below the COVID share-price highs, when many were re-modeling homes.
Russ Mould, AJ Bell investment director, Danni Hewson, AJ Bell head of financial analysis, and Dan Coatsworth, AJ Bell investment analyst, said: “There are company-specific reasons for the share price advance, although the macroeconomic backdrop may have something to do with it, too. The latest GfK UK consumer confidence reading is minus 17, which may not sound great, but it is in fact the best score since December 2021.
“Lower energy price caps (and lower prices on garage forecourts), low unemployment and wage growth of 6%, a figure that easily exceeds the prevailing rate of inflation, could all have a role to play, as could hopes for the first interest rate cut from the Bank of England. Trends in all of those factors could shape consumer sentiment and spending patterns, and thus help or hinder AO World going forward.”
While sales for AO World are projected to drop for the third consecutive year, profits are expected to rise by £8m. Analysts also believe a chance in the direction of sales is on the horizon, with 2025 projections seeing a 9% uptick in sales.
Thursday 27 June
- Full-year results from Moonpig
- Trading statement from Next Fifteen
- Bank of England Financial Stability Report
- US Q1 GDP growth (final estimate)
- US building permits
- US pending home sales
- US oil inventories
- US weekly initial unemployment claims
- US bank stress test results
- In Europe, quarterly results from H&M
- In the USA, quarterly results from Nike, McCormick and Walgreens Boots Alliance
- Currys full-year results
AO World competitor Currys, the top omnichannel retailer for electronics and appliances, will also release its on Thursday.
Despite half-year results which included £1.1bn in leases and £190m in pension liability, investor Elliot approached Currys offering 67p a share, a 42% premium. While Elliot walked away in March, share price stood above the offer price, helped by upgrades in earnings expectations.
Profits for the full year are expected between £115m and £120m excluding the Greece business, which was sold off in November 2023. Last year, profits came in at £119m.
“The fact that broadly flat profits should be seen as good news is a sign of how tough trading has been for Currys, where the Nordic business in particular has been under pressure and the cost-of-living crisis has put the squeeze on UK consumers,” Mould, Hewson, and Coatsworth said.
“Again, improving consumer confidence thanks to cooling inflation, solid wage growth, lower energy bills and low unemployment could help Currys if those trends are maintained, even though its target market remains fiercely competitive.”
Guidance for the next fiscal year are estimated at a pre-tax profit of £136m and the return of dividend payments at 1.3p a share.
Friday 28 June
- UK Q1 GDP growth (final estimate)
- Nationwide UK house price index
- EU retail sales
- US Personal Consumption Expenditure (PCE) index
- In Asia, quarterly results from Geely Automotive
