Studio Retail Group reports “strong sales” for Black Friday and Christmas

Studio

E-commerce value retailer Studio Retail Group today announced it recorded a 32% rise in sales during the golden quarter, including Black Friday and Christmas.

The retailer’s unaudited adjusted profit before tax for the 39 weeks to the end of December was £31.3m, up 110% on 2019.

The customer base currently stands at 2.3m including 1.5m active credit account customers. Almost 1m customers have reportedly now downloaded the Studio App which has produced over 20% of sales for the business this financial year.

The growth in the credit customer base and product sales helped Eligible Receivables to grow by 19% to £349m at the seasonal high point. Core net debt stood at £37.3m at the end of December 2020, comparing to £53.2m in December 2019.

Phil Maudsley, Group CEO, commented: “This was an outstanding Q3 and peak trading performance across the Studio business. The strong sales momentum continued through the period, demonstrating the strength and attractiveness of our online value retail offer.

“I am hugely proud of all my Studio colleagues and I would like to thank them for their role in successfully serving more customers than ever before.”

In December 2020, the Board announced that it was undertaking a comprehensive review of the strategic options open to it in order to maximise value for shareholders. The review includes a sale of the Group, conducted under the framework of a “formal sale process” in accordance with the Takeover Code.

The company confirmed the next scheduled trading update will be at the end of March, as planned.