Studio Retail Group - Confirming expectations for FY20; FY21 unclear
The FY20 trading statement confirms underlying PBT estimates before potential further bad debts due to the COVID-19 pandemic. Trading in the core retail business is reassuring. Near term, Studio looks relatively well placed given it is trading when others are not, mark-down risk on clothing is relatively low versus competitors, its value-based offer may become more attractive as consumer incomes fall and its key trading period is towards the end of the year. We withdraw our forecasts for FY21 given the wider economic uncertainty including potentially higher bad debts.Studio Retail Group plc, formerly Findel plc, operates in the home shopping and education supplies markets. The Company's segments include Express Gifts, Findel Education and Overseas Sourcing. The Express Gifts segment includes direct mail order businesses in the United Kingdom, offering online and through catalogue a range of home and leisure items, clothing, toys and gifts supported by credit offer. The Findel Education segment supplies resources and equipment (excluding information technology and publishing) to schools and educational establishments in the United Kingdom and overseas. The Overseas Sourcing segment includes sourcing office based in Hong Kong supplying importing services to various group companies and external customers. The Company's subsidiary Express Gifts Limited, includes Studio, an online and home catalogue shopping; Ace, an online store for home, living and garden needs, and Health & Home, an online store for beauty, home, office and garden accessories.
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