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Findel sales up 3.9% in Q1

Home shopping specialist Findel said its sales increased by 3.9% in its first quarter as the group continued to make progress with its turnaround plan.

GENERAL MERCHANDISE

Findel sales up 3.9% in Q1

Home shopping specialist Findel said its sales increased by 3.9% in its first quarter as the group continued to make progress with its turnaround plan.

Findel’s largest business Express Gifts recorded sales growth of 8% in the 16 weeks to 23 July 2013 as the company continued to grow its customer numbers.

Sales at Kleeneze dropped 1.4% compared with an 8.4% decline during the previous year, although Findel said there had been an improving trend in recent weeks.

At Kitbag, the group’s online sports clothing retailer, sales were 4% below the same period last year when trade had benefited from the UEFA Euro Football Championship and the build-up to the Olympics.

Chairman David Sugden said: Findel continues to make excellent progress with further potential to be delivered in all group companies. At the full-year results in June, the group set a goal of achieving 7 - 9 per cent group operating margin in the medium term.

"The strong performances of Express Gifts and education supplies (which account for approximately three-quarters of group sales) support the board's ambition to enter this range in the financial year commencing April 2014."

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