Studio Retail Group product sales jump 39% in first half
Online value retail business, Studio Retail Group, has reported a “strong retail performance” continuing at its Studio operation, boosted by strength in its online offer during the first half.
The company reported a 39% year-on-year rise in product sales in the six months to 24 August 2020.
The online retailer added that in the early weeks of its new AW20 season, its main Studio brand has seen a continuation of its “strong retail trading” performance as kidswear, gifting and early Christmas ranges have been doing particularly well.
In the six weeks since the company's annual results announcement on 24 August, product sales had grown by 30% year-on-year.
Online sales for the company are now more than 90% of total orders across the brand. Online clothing and footwear sales grew by 22% in the period, “despite an active decision to de-risk more seasonal clothing ranges at the start of lockdown”.
The de-risking of clothing ranges allowed Studio Retail Group to exit the SS20 season with a clean stock position.
Studio Retail Group said its active customer base had increased by 15% in the last 12 months to 2.1 million customers, of which just under 1.4 million had an active credit account.
The company said its online home and leisure ranges were up 80% in the same period.
Studio Retail Group will announce its interim results on 8 December 2020.