// Studio half-year sales rises 39%
// In the last six weeks of the first half, sales grew 30% despite lockdown now being over
Studio is the latest ecommerce retailer to have reaped the rewards of a dramatic shift in online shopping over the lockdown period, after recording a surge in half-year sales.
In the last six weeks since the company’s last trading update in late August, Studio – formerly known as Findel – said product sales grew 30 per cent against the equivalent period from the prior year, despite bricks-and-mortar retailers being back in business.
This brings Studio’s total products sales growth, for the six month period ending August 24, to 39 per cent year-on-year.
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In its preliminary update, the company said its main Studio Retail business enjoyed “strong retail trading” in the early weeks of the new autumn/winter season, with kidswear, gifting and early Christmas ranges performing strongly.
Online sales now represent more than 90 per cent of total orders, with the home and leisure category being a particular highlight with sales skyrocketing 80 per cent.
Meanwhile, clothing and footwear sales increased 22 per cent in the six-month period, despite Studio deciding to “de-risk” seasonal clothing ranges at the start of lockdown.
This subsequently allowed the retailer to exit the spring/summer season with a “clean stock position”.
Studio also said its active customer base has grown by 15 per cent in the last 12 months, currently standing at 2.1 million customers.
Of that, around 1.4 million customers have an active credit account with the company.
“The peak trading period of Q3 covering Black Friday and Christmas is still ahead of us, which historically accounts for around 40 per cent of the full year’s product sales,” Studio said in its trading update.
“Notwithstanding the inherent uncertainties that continue to be presented by Covid-19, we currently expect the adjusted profit before tax from continuing operations for FY21 to be ahead of our previous internal expectations.”
Studio said it would publish the full interim results, including profit figures, on December 8.