In a retail environment dominated by customers switching to online shopping habits, Findel (LON:FDL) is reaping the benefits of the trend. Q3 results confirm underlying market share growth typical of online retail peers. However, its P/E rating remains on a par with terrestrial high street chains.
Excellent sales growth confirmed in Q3
Studio’s like-for-like product sales growth of 11.0% for 42 weeks, while lower than H1’s 15.8%, is a better guide to underlying growth, as it is free of the timing differences on marketing activity within the H1 figure. This is excellent growth in the current consumer market, and is consistent with management’s plans and our forecasts, although trading in January is a little slower. Active customers grew 15% to 1.8m at December 2017, indicating good returns from TV and online marketing.
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