Studio reports strong autumn trading
Studio Retail Group has reported strong retail trading at its Studio business in the early weeks of its new autumn/winter season, with the childrenswear, gifting and early Christmas ranges performing particularly well.
In the six weeks since the announcement of its full year results on 24 August, the company’s product sales have grown by 30% on the same period in the previous year. This means that first half products sales have climbed by 39%. Home and leisure ranges have been particularly popular.
Studio said it has grown its number of active customers by 15% to 2.1 million in the last 12 months. In addition, its online sales now account for over 90% of total orders after the company benefited from its Studio App being downloaded more than 700,000 times in under a year since launch.
Looking ahead, Studio said: “The peak trading period of Q3 covering Black Friday and Christmas is still ahead of us, which historically accounts for around 40% of the full year’s product sales. Notwithstanding the inherent uncertainties that continue to be presented by Covid-19, we currently expect the adjusted profit before tax from continuing operations* (including the impact of IFRS 16) for FY21 to be ahead of our previous internal expectations.”
