Findel's Studio unit sales continue to rise in Q1
Findel issued a brief trading statement on Thursday to coincide with its annual general meeting and it confirmed that the company’s key Studio business is continuing to prosper.
Studio is its largest unit and sells a massive selection of own-brand and branded fashion products, as well as toys, electricals and homewares. The digital-first company said it “made a solid start to the year” in Q1 (the 16 weeks to July 19) and is sticking by its annual sales and earnings guidance.
Studio’s revenue rose by 3% “in this relatively quiet period” against challenging comparisons with a year ago when sales rose 11%. While 3% looks weak against that earlier figure, it’s a tough market out there at the moment with consumers remaining cautious due to the economy/Brexit and some also limiting the amount of cheap fast fashion they pile into their wardrobes.
The company also said that the rollout of new technology enhancements ahead of the peak trading period, such as the Studio app and 'cash at point of sale' payment options, are on track and that the website’s “value proposition continues to prove attractive to customers.”
The importance of Studio to the overall business scan be seen from the fact that the firm announced last month that it’s planning to change its name to Studio Retail.
That move would increase the recognition of the Studio name and raise Findel’s profile. The Findel name goes under many consumers’ radars at present, despite the fact that in its last full year, the listed business saw its revenue rising to almost £507 million, with pre-tax profits up to £29.4 million.
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