Findel recorded an uptick in sales in the first 16 weeks of its second half, boosted by a surge in sales and new customers at its largest business Express Gifts. Findel, an online value retailer and education business, said total sales in the 16 weeks since October 1 went up 11 per cent year-on-year, almost double the 6.5 per cent growth recorded in the first half of its financial year. On its own, Findel‘s Express Gifts experienced sales growth of 14 per cent, boosted by its Christmas trading period. READ MORE: Ian Burke takes the reigns at Findel as executive chairman Express Gift‘s new customer recruitment target for 2016 was also “significantly” exceeded, with the customer base by the end of the year 13 per cent higher at 1.56 million. Findel‘s net debt at the end of December stood at £81.8 million, down by £9.3 million from the previous year. The retailer said profit for the full year is expected to be within the range of current market forecasts. Click here to sign up to Retail Gazette’s free daily email newsletter
Online value retailer and education business Findel experienced an 11% year-on-year increase in total sales in its Q3 (beginning 1 October), following a surge in orders and new customers at its largest business, Express Gifts. While Express Gifts alone experienced sales growth of 14%, Findel's total growth was almost double the 6.5% that was recorded in H1 of its financial year. Express Gifts also exceeded its customer acquisition target by 13% to 1.56 million. The company reported revenue for Q4 (ending 31 December) increased 6% from Q1, with net income up 12% to $28.8 million compared to Q1 2016.