Findel has posted ‘recording-breaking sales’ over the Christmas period and consequently expects its pre-tax profit ‘to be towards the upper end of current market expectations’.
The online value retail group’s subsidiary Studio, formerly Express Gifts, posted a 13.7% uplift in sales in the 15 weeks to December 31.
Sales were up 13.6% and 14.2% across Studio’s product and financial services division respectively.
Online sales comprised 78% of the retailer’s overall orders during the period, with sales bolstered by personalised gifts such as toys and nightwear.
On a year-to-date basis, Studio’s sales increased 9%, up 7.8% and 12.8% across its product and financial services divisions respectively.
Sales across Findel including its education division increased 10.9% during the period and rose 6.5% in the year to date.
Chief executive Phil Maudsley said: “I am delighted with the strong performance of Studio in its peak trading period.
“This is testament to the increased strength and consumer recognition of our online value retail offer. We delivered record-breaking sales and strong margin performance in the weeks leading up to Black Friday and consequently we now anticipate full-year profit before tax to be towards the upper end of current market expectations.”
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