23rd Apr 2019 09:31
LONDON (Alliance News) - Angling Direct PLC on Tuesday reported a strong start to 2019, with growth in sales in the first two months of its financial year, and the opening of a new store in Nottingham on Friday last week.
Shares in the fishing equipment retailer were 9.3% higher at 73.80 pence on Tuesday.
In the months of February and March, overall sales across all stores were up by 29% compared to the year before, while like-for-like sales were up by 30%, Angling Direct said.
Online orders for January and February rose by 27% year-on-year due to strong performances from the UK company's German, French and Dutch websites.
In addition, Angling Direct said it had opened a new 4,500 square feet store in Nottingham, bringing its total UK stores to 27. Further stores are in the pipeline for 2019, it said, without specify the number.
"We are very excited to have opened our Nottingham store, which is set in a very popular angling area near the river Trent. The location also offers a good number of local lakes which all cover a broad range of fishing disciplines," said Chief Executive Officer Darren Bailey.
"Whilst other areas of the retail sector may be experiencing difficulties, we are delighted that our strategic focus on customer experience and service, as well as positioning our stores in the correct locations, is driving our growth and brand value. We look forward to updating the market on our further progress in due course," Bailey added.
Angling Direct will publish its results for the financial year that ended January 31 on May 13.
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