Studio Retail has recorded an “outstanding” golden quarter after customer numbers soared.
The value retailer saw a 32% uplift in sales in its third quarter, which included both Black Friday and Christmas, as customers turned to value over the festive period.
Its unaudited profit before tax for the 39 weeks to December 2020 was £16m more than in the equivalent period the previous year, compared to a £6m growth year-on-year in the first half.
The retailer has seen a 9% rise in customer numbers since December up to 2.3 million, including 1.5 million active credit account users.
The digital-only retailer has also seen 1 million downloads of its app with sales on it now accounting to 20% of the total.
Studio is continuing to undertake a review of its strategic options, which may include a formal sale process.
Chief executive Phil Maudsley said: “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.”
No comments yet