{"id":167198,"date":"2020-08-24T08:31:00","date_gmt":"2020-08-24T08:31:00","guid":{"rendered":"https:\/\/www.theindustry.fashion\/studio-retail-group-reports-31-2m-pre-tax-profit\/"},"modified":"2021-08-06T12:06:56","modified_gmt":"2021-08-06T12:06:56","slug":"studio-retail-group-reports-31-2m-pre-tax-profit","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/studio-retail-group-reports-31-2m-pre-tax-profit\/","title":{"rendered":"Studio Retail Group reports \u00a331.2m pre-tax profit"},"content":{"rendered":"\n<p>Online value retail business Studio Retail Group has <strong>reported revenue of \u00a3434.9m, up 3.1%, with an adjusted pre-tax profit of \u00a331.2m<\/strong>, up from \u00a328.8m in FY19.<\/p>\n<p>Total group revenue, including the company's educational business, reached \u00a3514.8m, up 2.2%.<\/p>\n<p><strong>Online product sales for Studio were up by 2.5% to \u00a3311.7m, as a result of strong performances during its peak trading periods, such as Christmas<\/strong>, offset by \u201cless consistent\u201d performances during other times.<\/p>\n<p>Competitive market conditions and a<strong> disappointing retail trading performance during Q4 resulted in product margins reducing slightly to 33.0%<\/strong>, although gross profit from retail increased by 1.0% to \u00a3102.8m.<\/p>\n<p>Adjusted operating profit for the business reached a total of \u00a339.0m after investment in upgrading systems and processes.<\/p>\n<p>Phil Maudsley, Group Chief Executive, commented: \u201cThe year FY20 seems a world away now, but it was a year in which we made operational progress as a Group, ensuring <strong>we were ready to face COVID-19 from a position of strength.<\/strong><\/p>\n<p>\u201cOver the past five months I would like to thank each and every one of my colleagues for their commitment and hard work. It is down to them, our improved infrastructure, and our strengthened online customer offer that we have been able to meet the significant increase in customer demand.<\/p>\n<p>\u201c<strong>As the public have remained at home, more and more customers have been attracted to, and become aware of, our phenomenal online value offer. It is now up to us to keep up the momentum and make sure our proposition continues to resonate at a time when shopping habits are moving online<\/strong> and consumers are valuing the pound in their pocket more than ever before.<\/p>\n<p>\u201cWhile wider economic uncertainty exists, we are in a digital sweet spot. We are a business on a strong footing, with the correct strategy, and we are confident of the long-term opportunities open to us.\u201d<\/p>\n<p><a href=\"https:\/\/www.theindustry.fashion\/podcasts\/\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" class=\"wp-image-143937\" src=\"https:\/\/www.theindustry.fashion\/wp-content\/uploads\/Podcast-add.png\" alt=\"\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p> [&hellip;]<\/p>\n","protected":false},"author":49,"featured_media":139864,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[10585,6,10494],"tags":[11222,14114,14403,20437,19434,16755],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Studio Retail Group reports \u00a331.2m pre-tax profit - TheIndustry.fashion<\/title>\n<meta name=\"description\" content=\"Online value retail business Studio Retail Group has reported revenue of \u00a3434.9m, up 3.1%, with an adjusted pre-tax profit of \u00a331.2m, up from \u00a328.8m in\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.theindustry.fashion\/studio-retail-group-reports-31-2m-pre-tax-profit\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Studio Retail Group reports \u00a331.2m pre-tax profit - TheIndustry.fashion\" \/>\n<meta property=\"og:description\" content=\"Online value retail business Studio Retail Group has reported revenue of \u00a3434.9m, up 3.1%, with an adjusted pre-tax profit of \u00a331.2m, up from \u00a328.8m in\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.theindustry.fashion\/studio-retail-group-reports-31-2m-pre-tax-profit\/\" \/>\n<meta property=\"og:site_name\" content=\"TheIndustry.fashion\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/theindustryfashion\/\" \/>\n<meta property=\"article:published_time\" content=\"2020-08-24T08:31:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-08-06T12:06:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.theindustry.fashion\/wp-content\/uploads\/2021\/07\/egl_banner.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"418\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tom Shearsmith\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@theindustryfash\" \/>\n<meta name=\"twitter:site\" content=\"@theindustryfash\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Tom Shearsmith\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.theindustry.fashion\/studio-retail-group-reports-31-2m-pre-tax-profit\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.theindustry.fashion\/studio-retail-group-reports-31-2m-pre-tax-profit\/\"},\"author\":{\"name\":\"Tom Shearsmith\",\"@id\":\"https:\/\/www.theindustry.fashion\/#\/schema\/person\/0ef585178e99d23ac0b525337547c9be\"},\"headline\":\"Studio Retail Group reports \u00a331.2m pre-tax profit\",\"datePublished\":\"2020-08-24T08:31:00+00:00\",\"dateModified\":\"2021-08-06T12:06:56+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.theindustry.fashion\/studio-retail-group-reports-31-2m-pre-tax-profit\/\"},\"wordCount\":310,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.theindustry.fashion\/#organization\"},\"keywords\":[\"Finance\",\"Findel\",\"Online retail\",\"Paul Maudsley\",\"results\",\"Studio Retail Group\"],\"articleSection\":[\"Finance\",\"News &amp; 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