GENERAL MERCHANDISE NEWS
Angling Direct half year sales up 1.3%
18 August, 2022 | by
Angela BeeversAngling Direct has seen its first half sales increase by 1.3% year-on-year to £38.9 million as it focuses on gaining market share both in the UK and Europe.
While its first quarter sales grew by 5.4%, pressure on discretionary spending and consumer confidence meant that second quarter sales fell by 1.6%.
In-store sales climbed by 9.8% in the half year with like-for-like store sales increasing by 4.6%. During the period, the retailer opened one new store in Washington which means it now operates a total of 43 stores across the UK. A further two new stores are scheduled to open in its third quarter.
Meanwhile online sales declined by 7.9% with UK online sales reducing by 11.1% overall in the period, although UK sales saw only a 0.2% fall in the second quarter. Following the opening of the retailer’s European distribution centre in March 2022, sales from its key European territories grew by 55% in the period and accelerated to 87.5% in its second quarter.
Looking ahead, Angling Direct said it will continue to focus on market share growth in the UK and Europe. However, the impact from the cost of living crisis, declining consumer confidence, inflation and adverse fishing conditions caused by the heatwave have meant that the retailer now expects its full year EBITDA to come in behind current market expectations at between £3 million and £3.4 million.
