Home shopping group Findel has reported group sales down 3 per cent for the 44 weeks to February 6 compared to the same period last year.

Sales at its home shopping division were 6 per cent lower as a result of the difficult trading environment and a planned scaling back of recruitment to its credit business.

Trading proved particularly difficult for The Cotswold Company and Letterbox, and Findel said it would review the “ongoing viability” of the two brands.

However, Findel reassured that it had been able to manage bad debt in line with expectations.

The retailer said: “The economic environment against which the group is operating continues to be challenging. The group's management is focused on proactively addressing current market conditions and will take decisive action where necessary as we concentrate on our strategic aims of stability, cost control and - importantly - the generation of cash.”

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