Sales declined 2.1% for period, says home shopping group Findel.
Home shopping group Findel has revealed a “disappointing” first half trading performance for the Kitbag business.
The sports brand website reported revenue of £33.3 million, 2.1% lower than the prior year – while operating losses widened by £2.7 million to £4.2 million (2014: £1.5 million).
Findel announced back in September that it had received an approach to purchase Kitbag. However, the buyer is taking longer than expected to finalise funding and, while discussions are ongoing, there can be no certainty that a sale will be agreed.
The appointment of a new group chief executive has also been delayed by the potential sale of Kitbag.
In addition, Findel’s Express Gifts business – which accounts for 80% of profits – saw first half sales growth of 2.7% but flat operating profits, described as “below expectations” by the company.
The Findel group as a whole reported sales of £191.4 million for the 26 weeks to September 25 (2014: £192.2 million).
