Angling Direct grows full year sales
Fishing tackle and equipment retailer Angling Direct has reported a 2.2% increase in full year sales to £74.1 million after it benefited from the opening of new stores.
In the 12 months to 31 January, in-store sales grew by 6.8% to £41.3 million following new openings in Washington (July), Coventry (August) and Stockton-on-Tees (September). However, store sales were flat on a like-for-like basis compared to the previous year, which Angling Direct attributed to disruption caused by the unusually hot weather in the UK and Europe last August.
Meanwhile total online sales fell by 3% to £32.8 million across the year, although they returned to growth in the retailer’s second half.
European revenue also returned to growth with an uplift of 18.4% following the opening of a new distribution centre.
Andy Torrance, chief executive of Angling Direct, said: “We are pleased with the progress achieved in FY23 despite the difficult macro-economic environment. Following the opening of our European distribution centre in March, it was particularly pleasing to see such strong sales growth in Europe, which is further evidence of the opportunity that lies ahead for the group.
“The group will therefore continue to invest, where prudent to do so, in order to drive market share growth, leveraging its strong balance sheet, to ensure it is best placed competitively to benefit when consumer confidence return.
“Ahead of the start of the 2023 fishing season, the board re-affirms its view that the company is well-placed to capitalise on the opportunities ahead and gain market share both within the UK and Europe whilst remaining vigilant as to continuing challenges for consumers in the macro-environment.”
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