Home shopping group Findel has reported a double-digit rise in sales at its biggest business, Express Gifts.
In an interim management statement issued today the company said Express Gifts had enjoyed its strongest Christmas for four years, with sales up by 11.1% in the 15 weeks to January 17, compared to the same time last year. That helped take group sales ahead by 1.6% compared to last year. Customers had responded well to price cuts, with the number of active customers growing by 5.4% over the last year, the statement said. It added: “We expect this growth in both sales and customer numbers to result in the delivery of increased total cash margin and a strong operating profit performance for the year.”
Express Gifts sells through catalogues and online through Studio, Ace, and Health and Home Shopping.
The news follows half-year results, published in November, that showed a 4.9% rise in sales for Express Gifts. At the time Findel said this was an early result for its three year turnaround programme.
At sister company Kitbag today’s report showed sales were up by 2% ahead of last year in the 15 weeks to January 17. But Findel warned this had come at the cost of “significant” promotions which had dented profit margins. The Kitbag business, which sells replica sports strips on behalf of clubs including FC Barcelona and Manchester United, is expected to report an operating loss in the second half of its year.
