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Findel posts sales growth

Mike Ashley-backed value retail and education group Findel has posted 11% growth in product sales at its retail arm in the 42 weeks to 19 January.

It said online orders at its Studio brand averaged 72% during its third quarter ending 19 January, up on 65% in the previous year. 

Its active customer base, which is measured at the end of each calendar year, tallied 1.8 million at 31 December, up 15% on the previous year. This was boosted by its primetime television and online marketing strategy.

Group net debt in the year to 31 December 2017 stood at £76.7m, down by 6.2% on last year. 

The group said: “While early trading in the traditionally quiet month of January has been slightly slower than anticipated, the further strengthening of our online value retail proposition leaves us well-placed against the current consumer backdrop.”

It added that it remains “on track” to deliver a full-year trading performance in line with market expectations predicting sales and profit growth.

The group has also appointed former EY partner Elaine O’Donnell as a non-executive director, who will join the board on 1 February.

She will chair the audit committee when Findel’s 2018 AGM concludes, after senior non-executive director Eric Tracey steps down from the board.

Last year Findel chief executive Phil Maudsley told Drapers the business is aggressively exploring opportunities to expand its third-party clothing and footwear partnerships. It stocks brands including Nike, Lipsy, Superdry and Skechers.

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