Studio Retail Group has reported revenues of £239.6m for the 26 weeks ended 24 September ’21 which is up from £232m for the same period last year. Pre-tax profits were also up to £26.5m from last year’s £15.9m. The business has however warned that it expects challenges such as rising costs but said that it has higher levels of stock in place having taken steps to bring deliveries in earlier.
It had completed the £30m sale of Findel Education during the period, but went on to confirm that Christmas sales had been slower than forecast, saying that consumers were becoming more selective about their purchases.
Paul Kendrick, group CEO commented: “I am pleased with how the business has built on the success seen in FY21 in delivering a solid trading performance for the first half of the year. There are undoubtedly more near-term headwinds for all retailers, but we are confident that the proactive decisions we have taken will leave us well placed to navigate these. We continue to focus on our strategy set out in June, and our objective remains to drive growth with Studio’s outstanding digital value proposition for its customers at the forefront.”
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