Angling Direct shares jump as Britain’s biggest fishing tackle retailer records strong sales
Angling Direct shares jump as Britain’s biggest fishing gear retailer records higher sales figures and opens store in Nottingham
- Angling Direct store sales increased by 28.5% in February and March
- Its online sales jumped 66% thanks to strong demand from Germany and France
- The retailer now has 27 stores in the UK and plans to open 20 more this year
Shares of Angling Direct surged today after the fishing tackle retailer posted strong sales at the start of the year.
Despite a slump on the High Street, same-store sales at Britain’s biggest fishing tackle retailer rose 28.5% in February and March, with total sales up 50.7% on compared to the previous year.
And while many other retailers are closing stores, Angling Direct opened a new store in Nottingham this month, taking the total number of UK stores to 27.
Success: Angling Direct started the year with an almost 30% jump in sales
It said it was on track with its store rollout program, with another 20 stores in the works for the remainder of the year.
Boss Darren Bailey said: “While other areas of the retail industry may struggle, we are pleased that our strategic focus on customer experience and service, as well as the positioning of our stores at good locations, drive our growth and brand value.’
Store openings: it now has 27 stores in the UK
Actions in retailer rose 9% to 73p in morning trading.
Angling Direct, which has a strong online presence, said orders on its UK website rose 27%, while European online sales jumped 66% on strong demand from its website. German, French and Dutch sites.
Earlier this year, Angling said it expected to post a 39% increase in revenue to £42million for the financial year to January 31 thanks to increased in-store and online sales.
It will announce its annual results on May 13.
Angling Direct was helped by its main rival, Fishing Republic, which collapsed into administration in December after failing to raise emergency funds.