Angling Direct reels in strong online sales during lockdown
Angling Direct has capitalised on pent-up demand as it reeled in strong sales as stores reopened, while maintaining a strong online presence during lockdown.
The coronavirus restrictions did little to dent demand as sales jumped to £32.1m in the six months to the end of July.
The figures
Angling Direct reported a 21 per cent increase in revenue to £32.1m for the period, with online sales jumping 43 per cent to £17.9m.
Net cash and cash equivalents were £21m as at 31 July, compared to £13.3m a year earlier.
Why it’s interesting
Angling Direct had a strong period for sales even as the national lockdown closed stores between 24 March and 14 June. However the company’s online distribution centre was able to operate during lockdown, drawing on existing stock and stock held in closed stores, and online sales surged 43 per cent.
The company said this was helped by progress in Europe, with sales up 33 per cent in Germany, and 62 per cent and 81 per cent in France and Netherlands respectively.
Like-for-like sales grew 75 per cent between 15 June and 31 July as stores reopened, and sales across all channels in the six weeks were up 95 per cent.
Angling Direct also opened three new stores in the period – Warrington, Bristol and Northampton.
The company is bullish in its outlook believing it is “very well-placed within its market to benefit from “staycations” over the summer months, as well as heightened interest in angling as customers seek to take advantage of its numerous wellbeing benefits.”
It added it had benefited from pent-up demand as a consequence of fisheries being closed for almost two months.
What Angling Direct said
In a statement the specialist fishing tackle and equipment retailer said: “Whilst the extent to which some of the exceptional trends will continue longer-term is not yet clear, with no further Covid-19 restrictions, the Board is expecting sales to begin reverting to more normal trading patterns during the remainder of the year.”