Angling Direct reports sales rise and allays Brexit fears
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The UK’s largest fishing tackle retailer has produced a strong set of figures for its latest trading period and has also allayed fears of inventory shortages caused by Brexit.
Norfolk-based Angling Direct, which has 24 stores across England, recorded a 31% rise in group sales to £14.568m (2017: £11.079m) and a like-for-like increase in store sales of £4.961m (£4.629m). E-commerce sales also rose by 24.3% from £5.401m to £6.714m.
Its performance during the week of Black Friday produced an e-commerce record 55.8% increase in sales of £1.295m (£0.831m).
The group says that the results were gained against a backdrop of a rapidly evolving retail market. “The company has continued to deliver a robust performance which reflects Angling Direct’s strong retail offering and growing brand loyalty. Added to this the company also feels well positioned for Brexit given the very high percentage of stock coming from the Far East,” it said.
“Inventory numbers in general are good and the business does not foresee any disruption to supply throughout the next few months, allowing the Board to remain confident of meeting full year expectations.
“Our international sales are also growing well, both via anglingdirect.co.uk and the dedicated German site. We are also on track to launch dedicated websites for the French and Benelux markets by the end of the period.
Angling Direct’s Chief Executive Officer, Darren Bailey, added: “The company has taken great encouragement from the recent performance against the backdrop of a difficult retail trading environment. As the business launches its new international websites and continues to invest in its stores and overall customer experience, we believe that Angling Direct remains well placed to build on its market leading position.”