Findel has said it has made a “solid start to the year” and its full-year financial guidance remains unchanged, ahead of its AGM this afternoon.
The online value retailer gave a trading update for the 16 weeks to July 19, 2019, in which it said Studio, the largest business within the group, grew revenue by 3% ”in this relatively quiet period”.
This was up 11% in the first quarter against what it called “a full-year outturn of 8%”.
Findel said Studio’s sales were boosted by the successful rollout of its app and “cash at the point of sale” function, and that its value proposition ”continues to prove attractive to customers”.
It also reported its education arm has “seen a good start to its peak back-to-school season” due to online ordering.
The update was made ahead of its AGM today, where group chief executive Phil Maudsley is expected to propose changing the name of the retailer to Studio Retail Group, to reflect the brand’s ongoing success.
Maudsley made the announcement when updating the City at Findel’s first-quarter results, saying he had spent £40m on the Studio brand and ”Findel Plc means nothing to our customers”.
”Studio has prospered in current market conditions. We have rapidly grown the active customer base to 1.9 million over the last three years with new customers drawn to the incredible value we offer, while existing customers are shopping with us more frequently and across wider ranges,” he said.
“We look ahead with confidence and ambition, as shown by our proposed name change to Studio Retail Group. We remain focused on our customers’ needs and our investment in digital technologies and delivering on our strategic objectives will underpin profitable growth over the medium term.”
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