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Findel makes encouraging progress with turnaround

Multichannel retailer Findel has made a satisfactory start to the year and is progressing its turnaround according to a statement issued by the company today. Group sales rose by 1.1% in the 17 weeks to 3 August with pressure on margins offset by cost savings.

GENERAL MERCHANDISE

Findel makes encouraging progress with turnaround

Its Express Gifts business saw a strong sales performance in the period, with both sales and customer numbers ahead of last year.  This was attributed to
upgrades in buying and merchandising effectiveness and a stronger focus on improving the value proposition to customers.
 
Kitbag, the online sports kit seller, continued to experience strong year-on-year sales growth, which Findel said reflected the success of its partner clubs, although profitability was further depressed due to the simultaneous need for end of season and other obsolete stock clearance. 

Findel said that Kitbag had recently finalised multi-channel contracts with Sunderland AFC and Leicester Tigers rugby club and had  appointed Andy Anson as its new chief executive who would be responsible for leading the future profit growth of the business.

Chairman David Sugden said: “We have made an encouraging start on our turnaround, although it is early days. The group's normal peak trading periods are still to come and the external environment continues to provide a headwind.  Nonetheless, we continue to see the opportunity for significantly improved performance over the medium-term, and are confident that we are taking the right steps to achieve that.”

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