Findel’s sales decreased 2.2% for the 15-week period to March 31 despite Express Gifts increasing its sales for the period by 6.2%.
Findel attributed the group’s sales decline to some “timing effects and changing trends” as later Easter holidays meant its education business was hit by a later launch of its catalogue.
The largest part of its business home shopping retailer Express Gifts posted a sales jump on the back of strong demand for its value and discount proposition.
Findel reports the majority of its growth came from existing customers and a maintaining of margins has helped an increase in underlying profits.
Its smallest business, mail order cleaning company Kleeneze, continues to struggle and was impacted this quarter by stock shortages for a range or promoted products.
Kleeneze posted a sales fall of 23% and Findel admits the business failing to meet demand has damaged “distributor confidence”.
Findel’s Kitbag business was boosted in the quarter by winning the right to operate the McLaren F1 retail and wholesale business from January 2015 with an official online store due to launch this autumn.
However, its sales declined 8.6% due to a “planned delay” of a number of important Premier League partner kit launches.
No comments yet