Home shopping group Findel said its debt reduction plan is on track and pledged to restore sales growth to key operations as it updated on the 39 weeks to January 1.
The retailer’s home shopping division achieved 10% sales growth and like-for-likes were flat. Sports etailer Kitbag’s sales rose 35% but Confetti and Iwantoneofthose.com experienced “challenging” conditions.
Fashion lines performed well at the credit division, but financial services sales fell 10% because of tighter credit requirements. The educational supplies arm’s sales dropped 12%.
Hold, advised KBC Peel Hunt analyst John Stevenson. He said: “With trading in keeping with forecast expectations and showing signs of stability, performance for the year ahead is dependent on cost savings and efficiencies.”
Seymour Pierce analyst Freddie George also maintained his recommendation to hold.