// Studio sales rise 32% during golden quarter
// The number of customers rose by 9% since December
// In the 39 weeks to December 2020, unaudited profit before tax was £16m more than the same period last year
Studio has recorded a 32 per cent rise in sales during the golden quarter – which included both Black Friday and Christmas – as consumers leaned towards value retail.
The ecommerce retailer said its number of customers rose by nine per cent since December up to 2.3 million, including 1.5 million active credit account users.
For the 39 weeks to December 2020, its unaudited profit before tax was £16 million more than in the equivalent period the previous year, compared to a £6 million growth year-on-year in the first half.
The retailer said it has witnessed one million downloads of its app, which produced over 20 per cent of its sales.
“This was an outstanding third quarter and peak trading performance across the Studio business,” chief executive Phil Maudsley said.
“The strong sales momentum continued through the period, demonstrating the strength and attractiveness of our online value retail offer.
In December 2020, Studio announced that it was undertaking a review of its strategic options in order to “maximise value for shareholders”.
These options include a sale of the group which will be conducted under the framework of a “formal sale process”.