THE RETAIL BULLETIN - The home of retail news
Lest we forget
HOME
RETAIL NEWS
RETAIL EVENTS
Fashion
Department Stores
Shopping Centres & Retail Parks
Home & DIY
Electricals
Health & Beauty
General Merchandise
Entertainment
Sports & Leisure
Retail Solutions
Food & Drink
Interviews
RETAIL INSIGHTS
RETAIL SOLUTIONS
ABOUT US
CONTACT US
SUBSCRIBE FOR FREE
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.

GENERAL MERCHANDISE

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.”

 

Email this article to a friend

You need to be logged in to use this feature.

Please log in here

Subscribe For Retail News

RETAIL EVENTS

The Retail Design Seminar 2018
The Retail Design Seminar 2018
14 November 2018
The Cavendish Conference Centre
The Retail Design Seminar 2018
Omnichannel Futures Conference 2019
Omnichannel Futures Conference 2019
6 February 2019
Cavendish Conference Centre, London WG1 9DT
A truly omnichannel offering requires an understanding of customer behaviour across all shopping channels and how this should impact your overall business strategy
Customer Engagement Conference 2019
Customer Engagement Conference 2019
5 June 2019
Cavendish Conference Centre, London W1
The 10th Annual Retail Customer Engagement Summit
AI in Retail Conference 2019
AI in Retail Conference 2019
18 September 2019
Cavendish Conference Center, 22 Duchess Mews, London W1G 9DT
Retail marketing is changing pace rapidly by making communication across all platforms personalised, relevant, efficient, and helpful. AI not only helps shoppers find a perfect product but also pre-empts the shopping behaviour and speeds up payment.
The HR Summit 2019
The HR Summit 2019
Tuesday 8 October 2019
The Cavendish Conference Centre, London W1
The 11th HR Summit 2019, The Cavendish Conference Centre, London W1, 8 October 2019
Fix The Dinosaur Roundtable 2018
Fix The Dinosaur Roundtable 2018
19 October 2018
The Euston Suite, The Hallam, 44 Hallam St, London W1W 6JJ
A Masterclass in IBMi Legacy Issues