Studio Retail reports record Christmas trading
Studio Retail has reported record levels of trading during its peak third quarter period that included Black Friday and Christmas.
Third quarter product sales were 32% ahead of the same period in the previous year.
With a customer base of 2.3 million, Studio said nearly one million shoppers have now downloaded its Studio App which has accounted for over 20% of sales in the current financial year.
The success meant group’s unaudited adjusted pre-tax profit for the 39 weeks to the end of December was around £16 million ahead of the equivalent period in the previous financial year.
Phil Maudsley, Studio Retail group chief executive, said: “This was an outstanding Q3 and peak trading performance across the Studio business. The strong sales momentum continued through the period, demonstrating the strength and attractiveness of our online value retail offer.
“I am hugely proud of all my Studio colleagues and I would like to thank them for their role in successfully serving more customers than ever before.”
Last month, Studio announced that it was exploring a sale option as part of a strategic review. Today the retailer said the process is ongoing and that “further announcements will be made as appropriate”.
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