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Findel sales jump 10.2%


Home shopping retail group Findel has recorded total sales growth of 10.2 per cent year-on-year in the 16 weeks to January 22nd 2013, according to an interim management statement released today.

An improvement on the 7.7 per cent growth for the first eight weeks of the half year which was reported in November, this new figure means that year-to-date sales are now up 8.9 per cent year-on-year as Findel continues to see positive results from its turnaround strategy.

Findel’s largest business, Express Gifts, experienced a 13.3 per cent year-on-year sales increase in the 16 week period, its strongest Christmas sales performance in five years.

Express Gifts has also seen a surge of eight per cent in active customer numbers over the last year, and expects to deliver “a significant improvement” in profits for the full year.

While Kitbag is improving on the previous year’s operating loss, with sales up 19 per cent over the 16 weeks, sales in the Education Supplies division were down 1.6 per cent year-on-year.

In a statement, a spokesperson for Findel commented: “The group remains on the path to recovery and overall we are positive about the progress we are making in a difficult environment.

“We remain focused on delivering our multi-year turnaround plan, which is aimed at delivering significantly improved shareholder returns.

“The board continues to believe that, as stated at the time of our interim results, the group will deliver improved results in the second half versus the prior year, continuing the trend of improved performance.”

Moving into 2013, Findel is focused on reducing its debts and investing in growth, it said.

Published on Wednesday 23 January by Editorial Assistant

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