Findel improves bottom line

For the 15 weeks to July 17th, Findel reported that its group sales had fallen by 2.2 per cent, even though Express Gifts’ sales were 6.2 per cent up on the same period last year. Sales at Kitbag were also down by 8.6 per cent, and at its education division, a later Easter holiday contributed to a drop in sales of 5.5 per cent. At Kleeneze sales were down by 23 per cent and this was attributed by the Board to stock shortages. Despite all of this, improve control of margins and costs provided an improved bottom line for the group. David Sugden, Findel chairman, said: “Although changing trends and timing effects have impacted sales in this relatively quiet period, we anticipate that these will recover leaving our overall expectations for profit and margin for the full year unchanged.”