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Findel first half sales up by 5.2%

Home shopping specialist Findel has reported a 5.2% increase in first half sales as the group's turnaround gathers pace.

GENERAL MERCHANDISE

Findel first half sales up by 5.2%

In the 26 weeks to 27 September 2013, the group’s largest business Express Gifts grew its sales by 10.8% on the same period last year following an investment in value and product range.

At Kleeneze, sales dropped by 3.4% on the prior year although Findel said the deterioration was largely accounted for by a later launch of Christmas catalogues this year.

At Kitbag, the group’s online sports clothing retailer, sales fell by 6.9% on last year when trade had benefited from the UEFA Euro Football Championship and the build-up to the Olympics. However, Findel said the business was continuing to make progress with its turnaround and had implemented a number of initiatives in the first half, particularly to improve international sales, which were expected to yield a benefit in the second half.

Findel’s education supplies business achieved sales growth of 8.2% in the period, with an improvement in margin and profitability. 

In a statement the group said: “We are very encouraged by the progress that we have made and the clear evidence of the success of our turnaround.  In particular, Express Gifts has yet again delivered a strong performance and the Education Supplies division's strengthening continues.  We are therefore well positioned ahead of our important peak trading period. 

“Looking ahead, we see further potential in all group companies, and our strong performance in the first half of this year leads us to reiterate our ambition to enter a 7-9% range for group operating margin in the financial year commencing April 2014.”

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