Findel Findel posts 11% growth in product sales

Findel has revealed 11% growth in product sales at its retail business in the 42 weeks to 19 January. Meanwhile, online orders at its Studio brand averaged 72% during Q3 ending on that date, up from 65% in the previous year, the company said. Its primetime TV and online marketing strategy helped boost active customer numbers to 1.8 million at the end of December, up 15% on 2016. Findel added it remained "on track" to deliver full-year trading performance in line with market expectations forecasting growth in sales and profit.

It said online orders at its Studio brand averaged 72% during its third quarter ending 19 January, up on 65% in the previous year.

Its active customer base, which is measured at the end of each calendar year, tallied 1.8 million at 31 December, up 15% on the previous year. This was boosted by its primetime television and online marketing strategy.



Group net debt in the year to 31 December 2017 stood at £76.7m, down by 6.2% on last year.

The group said: “While early trading in the traditionally quiet month of January has been slightly slower than anticipated, the further strengthening of our online value retail proposition leaves us well-placed against the current consumer backdrop.”

It added that it remains “on track” to deliver a full-year trading performance in line with market expectations predicting sales and profit growth.

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The group has also appointed former EY partner Elaine O’Donnell as a non-executive director, who will join the board on 1 February.

She will chair the audit committee when Findel’s 2018 AGM concludes, after senior non-executive director Eric Tracey steps down from the board.

Last year Findel chief executive Phil Maudsley told Drapers the business is aggressively exploring opportunities to expand its third-party clothing and footwear partnerships. It stocks brands including Nike, Lipsy, Superdry and Skechers.