Findel sales up 1.9%
Findel has reported that total sales have risen by 1.9% in the first 17 weeks of its financial year.
The group said the early weeks of the financial year are relatively quiet periods for its Express Gifts and Kitbag businesses, although they form part of the peak “back to school” ordering period for Findel Education.
Express Gifts, Findel’s largest business, saw product sales grow by 7.7% in the period although at a slightly lower gross margin rate than in the equivalent weeks in the previous year due to product mix.
Kitbag’s sales were 5.6% behind the prior year following adverse timing differences caused by the later launch of certain clubs’ new season replica kits, and a comparative period that included last year’s FIFA World Cup. Findel said adjusting for these factors would show sales being moderately ahead.
Meanwhile, sales at Findel Education declined by 4.6% in “difficult” market conditions although this was an improvement on the 9.2% decline seen in the final quarter of last year.
In a statement, Findel said: “The early weeks of the year have seen overall trading in line with expectations with Express Gifts continuing to provide the majority of both the group’s profit and its growth in profitability, with support and improving cash generation coming from Findel Education and Kitbag.”
