// Angling Direct full year sales climb 2.2% to £74.1m in the year to 31 January 2023
// The fishing tackle and equipment retailer attributed its growth to its new store openings and omnichannel strengthening
Angling Direct full year sales have edged up 2.2% to £74.1m as the retailer benefits from store expansion.
The fishing tackle and equipment retailer reported in-store sales jumped 6.8% in the year to 31 January 2023 as its store estate jumped from 42 to 45.
The retailer said its new shops, which opened in Washington, Coventry and Stockton-on-Tees, contributed to £900,000 of sales.
However, online sales dropped 3% in the year to £32.8m from £33.8m but were still 57.7% above pre-Covid levels.
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European sales returned to growth, rocketing 18.4%, which the retailer attributed to the opening of its European Distribution centre in March 2022.
Angling Direct chief executive Andy Torrance said: “We are pleased with the progress achieved in FY23 despite the difficult macro-economic environment.
“Following the opening of our European Distribution centre in March, it was particularly pleasing to see such strong sales growth in Europe, which is further evidence of the opportunity that lies ahead for the group.
Torrance added the recent strong performance leaves the company well placed to benefit from ongoing consolidation in the industry.
“The rgoup will therefore continue to invest, where prudent to do so, in order to drive market share growth, leveraging its strong balance sheet, to ensure it is best placed competitively to benefit when consumer confidence returns.
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