British retailer Studio Retail Group has reported soaring full-year revenue and profit as it benefited from the accelerated consumer shift to online channels during the pandemic.
For the year ending March 26, adjusted profit from continuing operations soared by 79 percent to 27.3 million pounds, while revenue increased by 33 percent to 578.6 million pounds.
The group, formerly known as Findel, said it managed to narrow net debt by 24.3 million pounds to 27.6 million pounds during the year.
The company also completed a strategic review during the year which saw it dispose of Findel Education for 30 million pounds.
Soaring sales at Studio
Product revenue at the group’s core business, Studio, grew 43 percent to 445.4 million pounds during the year, while its active customer base reached record levels, up 35 percent to 2.5 million.
Adjusted operating profit at Studio was 61.7 million pounds, up from a restated 39.1 million pounds the year before.
Group CEO Paul Kendrick said the pandemic “showed the resilience and agility of Studio, and we emerge from it a much stronger business”.
“The changes over the last few years, to transform Studio into a digital value retailer with integrated financial services, meant we could react quickly to changing market conditions, and deliver record levels of growth in sales, profit and customer numbers,” Kendrick said in a release.
Looking ahead, he said the business “has a clear growth strategy, fuelled by its digital capabilities, service enhancements, and ability to utilise data to drive better customer targeting, credit underwriting and product offers”.