An 11 per cent surge in sales at online retailer Express Gifts has bolstered parent company Findel’s quarterly performance and given it a good start to the year.
For the 16 week period ending July 20, Findel recorded an 8.5 per cent uptick in overall revenues year-on-year.
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Sales at Express Gifts, Findel’s largest business, were driven by customer recruitment and was now well-positioned ahead of the peak trading period later in the year.
Express Gifts, historically catalogue-based, saw online ordering levels rise from 68 per cent at the year end to 70 per cent.
Meanwhile, Findel’s Education arm saw its total revenue stablise during the quarter, with its customer base increasing for the first time in several years.
Online ordering levels have also risen since the end of the year reaching 55 per cent in recent weeks.
Findel recently secured a one-year extension to its revolving bank facility, which will now mature on December 31, 2020.
Controversial Sports Direct founder and chief executive Mike Ashley has a 29.9 per cent stake in Findel.
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