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Findel full year sales up 2.7%

Home shopping specialist Findel has reported that group sales rose by 2.7% in the year to 27 March following strong growth at its Express Gifts business.

GENERAL MERCHANDISE

Findel full year sales up 2.7%

Express Gifts saw its total sales rise by 4.8% on the previous year with product sales ahead by 6.6% and up by 7.9% in the final quarter. Findel said the growth was mainly due to increased spend from existing customers, although it also grew its active customer base by 2.2% by the end of December 2014.

Findel’s education business had a tougher time with full year sales down around 6.5% against the prior year and sales in the final quarter down by 9.2%. The group said market conditions were challenging for the division, with recent analysis from the Institute of Fiscal Studies indicating that both major political parties would implement real-term reductions in spending levels per pupil in the next parliament.

Meanwhile, Kitbag saw a recovery in its performance, driven by a record Christmas trading period and tighter control over product margins and stock levels. Sales for the year increased by 10.5% and and the operating loss was substantially reduced from the prior year.  

Findel sold its of Kleeneze business to CVSL for £3.4 million in the period. The sale was completed on 24 March.

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