Studio Retail says trading is well ahead of last year
Studio Retail has said trading has been well ahead of last year in the first eleven weeks of its new financial year.
Sales increased by 55% in the period after trade was boosted by strong demand for toys, games, electrical, fitness and garden products.
The retailer has also seen an uplift in both new customers and repeat shoppers from its existing customer base.
Studio has been reducing its marketing spend during the Covid-19 lockdown. It has been focusing most of its marketing activity on digital and TV channels which has boosted traffic its website and app.
Phil Maudsley, chief executive of Studio Retail Group, said: “I have been particularly pleased by the number of new customers we have welcomed to Studio in recent weeks. Customers who have never shopped with us before have been impressed by the choice, value, and service we have to offer. Whilst we will face increased competition from the high street over the coming months, we are confident that the strength of our offer will continue to resonate amongst value-conscious shoppers.”
The retailer has also been taking a more pro-active approach to inventory management including matching intake decisions to customer demand. This has included reducing its seasonal stock holdings ahead of shoppers’ return to UK high streets on 15 June.
Maudsley added: “The overall market does remain volatile, and we are cautious about the risks to customer incomes for the remainder of the year. However, we have positioned ourselves strongly to manage these risks, and longer-term, we are well-positioned to respond to any permanent shifts in online consumer behaviour.”
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