Studio Retail Group PLC - Accrington, Lancashire-based "digital-first value retailer" previously known as Findel - Says strong trading trends for Studio brand that were identified in interim results continued throughout December. Product sales were 32% ahead of a year before in financial third quarter, amid record trading on Black Friday and in lead-up to Christmas. Gross margin was 440 basis points above 2019. In Findel Education, third-quarter sales were up 15% on a year before, though Studio warns that recent announcements about school closures in the UK will reduce sales for Findel in coming weeks. Adjusted pretax profit in the 39 weeks to the end of December was GBP16 million ahead of the equivalent period a year before, improving from GBP6 million in annual growth in the first half. Studio says it has headroom of GBP32.7 million on its debt facility.
Meanwhile, the strategic review and formal sale process launched early last month continues, Studio says. Its next trading update will be at the end of March.
Current stock price: 302.50 pence, up 5.6% on Monday
Year-to-date change: up 3.8%
By Tom Waite; thomaslwaite@alliancenews.com
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