Studio Retail prepares for sale as profits boom
Online value retailer Studio has announced plans to explore its sale options as profits and sales soared during the coronavirus pandemic.
Studio recorded a 52% rise in adjusted profit before tax to £18m in the 26 weeks to September 25 as more customers shifted to online shopping.
Revenues grew 17% to £268m during the same period, reflecting an increase in demand and the growth of Studio’s active customer base by 15% to 2.1 million.
In the third quarter to date, Studio also reported “materially stronger profit performance” as November saw a quieter promotional market than the same period last year, with revenues up 32% year on year.
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