Findel reports strong sales performance
Home shopping business Findel has reported a 3.8% increase in total sales in the 16 weeks to 17 January and has said it is on track to deliver another year of strong profit growth.
The group benefited from the continued strong performance of its largest businesses, Express Gifts and Education Supplies, in the period. Express Gifts enjoyed a record Christmas trading period with sales rising 6.9% year-on-year in the 16 weeks. Sales at Findel’s education supplies division grew by 3.4%.
The performances have helped group sales to increase by 4.6% in the financial year-to-date.
Sales at Findel’s Kitbag business dropped by 4.3% in the 16 week period as the group continued to implement a turnaround programme and restructure unprofitable physical retail operations. Sales at Kleeneze declined by 5%.
In statement Findel said: “The board remains pleased with the progress of the group, both in terms of operating performance and capital structure. The continued improvements in performance from our two largest businesses, Express Gifts and Education Supplies, provide a strong underpinning of the Group’s ongoing turnaround. The group remains on track to deliver full year results in line with market expectations and achieve its medium term targets.”
