Findel bottom line numbers improve despite 2.2% drop in sales
Home shopping specialist Findel has reported that group sales fell by 2.2% in the 15 weeks to 17 July despite a good performance from its largest business, Express Gifts.
While sales at Express Gifts were 6.2% ahead of the same period last year, sales at the group’s other businesses were more varied.
Despite this, Findel said it delivered a substantial improvement in bottom line performance as a result of improved margins and cost savings.
Although sales at Kitbag fell 8.6% in the period, Findel said the performance of business was ahead of expectations after being boosted by the World Cup and partner on-pitch success. The group attributed the sales decline to Premier League partner kit launches being delayed until after the World Cup.
Sales at the group’s education business dropped by 5.5%, largely as a result of the later Easter holiday this year.
Meanwhile, sales at Findel's smallest business, Kleeneze, were down 23% as the business was impacted by unexpected surges in demand and subsequent stock shortages for some products in its main catalogue. The group said the stock issues have now been addressed with action plans put in place to improve overall profit performance.
Findel chairman David Sugden said: “The group has seen strong year-on-year profit growth from the continued strong performance of Express Gifts and the improved control of margins and costs. Although changing trends and timing effects have impacted sales in this relatively quiet period we anticipate that these will recover leaving our overall expectations for profit and margin for the full year unchanged.”
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