Multi title catalogue group Flying Brands has secured an extension to its current overdraft facility with Barclays Wealth. In addition, it obtained a waiver for the breach of its banking covenants with the intention to repay the balance of the loan from the proceeds of the sale of its glasshouse premises. Flying Brands is continuing to experience tough trading due to weak consumer spending; trading in the three months to 30th September was significantly below management expectations. The garden division, which includes Gardening Direct, slumped almost 20 per cent from £3.1 million in the third quarter of 2010, to £2.5 million in the same period 2011. The gifts division, which includes Flying Flowers, was down 15 per cent to £1.7 million. Overall sales in the third quarter declined 23 per cent to £4.6 million.
Announcing its half-year results this morning, ASOS confirmed it is ramping up it’s overseas operations by installing “small in-country teams” in the countries where ASOS operates websites. The process is said to be underway, with the teams expected to be in place in early
2012. In addition, work is being carried out on the ASOS eCommerce platform in preparation for support for all language character sets and a launch into the Russian and Chinese markets. In the first half of 2011, retail sales at ASOS increased 60 per cent to £211 million, International sales soared 150 per cent year-on-year to £122 million. Operating profit before exceptional items, which include a warehouse move, was up 70 per cent to £12.0 million, compared with £7 million in the same period 2010.
Amazon predicts the biggest online shopping day of the year will be Monday, 5th December. The online giant says the highest volume of orders are expected to be placed at 9 pm. Monday, 12th December is also predicted to be a day of high demand as customers are increasingly comfortable with ordering nearer to Christmas.
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