Auto retailer Lookers expects 2021 profit to beat estimates

April 8 (Reuters) — Auto retailer Lookers on Thursday forecast 2021 underlying profit before tax to be ahead of analysts’ estimates, after the company reported better-than-expected quarterly sales boosted by its digital channels.

Lookers’ shares rose about 9% in early trade on Thursday.

The company said first-quarter sales were underpinned by «click-and-drive» sales, cbd only products through which customers could order vehicles online and pick it up from the dealerships.

Dealerships remained closed for sales due to pandemic-related restrictions.

The company said it had sold over 44,000 new and used vehicles in the three months ending March 31, compared with 49,000 vehicles in the year-ago period.

The group’s dealerships in England will reopen on April 12 as part of the phased exit plan from COVID-19 restrictions announced by the government, Lookers said.

Analyst consensus for underlying profit before tax for the full year ended Dec.

31, 2021 is 22.6 million pounds ($31.11 million), the company said.

Last month, Lookers said it expects to report 2020 profit of about 10 million pounds amid a delay in publication of the annual results.

($1 = 0.7265 pounds) (Reporting by Aby Jose Koilparambil in Bengaluru, Editing by Sherry Jacob-Phillips and Amy Caren Daniel)

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