Angling Direct reports strong store sales amid expansion
The fishing chain has just opened a new site in Leeds.
Sales growth at Angling Direct was driven by in-store shoppers during the first half, as the fishing retailer continues its expansion push.
Revenue for the six months to July 31 jumped 21% to £26.52 million, against what the company called a “challenging period for the wider UK retail sector”.
Retail store sales increased by 41% to £14 million, boosted both by the opening of five new stores and 15% like-for-like sales growth.
Online sales were up 10% to £11.9 million, but third-party websites declined by 47% to £620,000 as the group shifted to focus on selling through its own web platform.
The company, which has acted as a consolidator in the fragmented fishing retail market, said its expansion plans were on track after it opened a new store near Leeds over the weekend.
Chief executive Darren Bailey said: “We have demonstrated that our strategy to operate both online and in-store works effectively together in niche markets. We remain focused on our strategy of consolidation, as well as on the roll-out of new e-commerce platforms in Europe, in order to continue to deliver value and growth.
“We are excited to have opened a new store in Leeds, which is situated within a very popular angling region and will offer products for all disciplines of angling. The store houses a full-size Pole alley, a new offering designed to deliver an immersive retail experience.”
Shares in the group were up 2.4% in early trading on Monday.