Findel Sales Grow As Strong Express Gifts Offsets Weakness Elsewhere

LONDON (Alliance News) - Findel PLC Thursday reported growth in sales in the first 17 weeks of its financial year, as a strong performance from its largest business Express Gifts offset declines in Findel Education and Kitbag.

The UK home shopping and education business said that total sales in the 17 weeks to July 24 were up 1.9%, as a 7.7% rise in sales in Express Gifts offset a 4.6% sales decline in Findel Education. It said that Findel Education suffered from difficult market conditions, but noted that the decline was an improvement on the 9.2% decrease it saw in the final quarter of the last financial year.

Findel said it is continuing to implement a series of actions to turn around the performance of the education business.

Sales in the Kitbag business also fell 5.6% in the period due to adverse timing differences caused by the later launch of certain clubs' new season replica kits, together with a comparative period that included last year's FIFA World Cup. Adjusting for these factors would show sales moderately ahead, Findel said.

"The early weeks of the year have seen overall trading in line with expectations with Express Gifts continuing to provide the majority of both the group's profit and its growth in profitability, with support and improving cash generation coming from Findel Education and Kitbag," Findel said in a statement.

Shares in Findel were trading up 0.4% at 202.75 pence Thursday morning.

By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews

Copyright 2015 Alliance News Limited. All Rights Reserved.