Studio Retail Group half-year product sales up 39 percent
By Huw Hughes
30 Sep 2020
British retailer Studio Retail Group, formerly called Findel, has reported a 39 percent increase in product sales in the first half of the year.
The group said its core business, Studio, has seen “strong retail trading performance in the early weeks of its new Autumn/Winter season”, with its kidswear, gifting and early Christmas ranges performing particularly well.
In the six weeks since it published its FY20 at the end of August, the group's product sales are up 30 percent compared to the same period in the prior year.
The company’s active customer base has grown by 15 percent in the last 12 months, now standing at 2.1 million.
Online sales at the retailer now account for over 90 percent of total orders - the Studio App was downloaded more than 700,000 times in under a year since its launch.
The company’s clothing and footwear sales grew by 22 percent “despite an active decision to de-risk more seasonal clothing ranges at the start of lockdown”.
The group also noted that the peak trading period of Q3 covering Black Friday and Christmas is still to come, and usually accounts for around 40 percent of the business’ full-year product sales.
“Notwithstanding the inherent uncertainties that continue to be presented by Covid-19, we currently expect the adjusted profit before tax from continuing operations* (including the impact of IFRS 16) for FY21 to be ahead of our previous internal expectations,” the company said.
Photo credit: Studio, Facebook