Studio Retail posts increase in full year sales and profit
Studio Retail has posted an increase in full year sales and profit after it benefited from an uplift in active customer numbers.
In the year to 26 March, revenue climbed by 33% to £578.6 million while adjusted pre-tax profit rose by 79% to £48.8 million.
The group said a record number of more than 2.5 million customers shopped with Studio in the twelve month period to mark an increase of 35% on the previous year. Within that, the number of customers with a credit account rose by 14% to just over 1.5 million.
During the period, the group undertook a strategic review which resulted in the sale of its Findel Education business for £30 million in April 2021.
Paul Kendrick, Studio Retail chief executive, said: “The Covid-19 pandemic showed the resilience and agility of Studio, and we emerge from it a much stronger business. The changes over the last few years, to transform Studio into a digital value retailer with integrated financial services, meant we could react quickly to changing market conditions, and deliver record levels of growth in sales, profit and customer numbers.”
The group said its medium-term ambition for Studio is to achieve over £1 billion of revenue by attracting more core customers who would appreciate the brand’s value proposition, extending its product range and broadening the appeal of Studio to a wider customer base.
Giving an update on current trading, the group said the first quarter of the new financial year has seen Studio’s product sales in line with the same period at the start of the pandemic last year.
“Kendrick added: “The business has a clear growth strategy, fuelled by its digital capabilities, service enhancements, and ability to utilise data to drive better customer targeting, credit underwriting and product offers. All of this bodes well as we emerge from the pandemic and I am confident Studio can go from strength to strength and benefit all stakeholders.”
