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Sales strength goes beyond pent-up demand
Website Editor • July 29, 2020
The surge in flooring sales is stronger than just the initial boost from pent-up demand, says Victoria plc, and it may last "for an extended period."
"Revenue has recovered strongly following the ending of lockdowns in the various countries in which we operate," says Victoria's trading update to shareholders published today.
"Encouragingly, trading has continued to be strong since June, with order flow increasing in the UK (non-essential retail in the UK only began trading two weeks before the end of the quarter).
"Based on feedback from our retailers, it is the Board’s view that whilst some of the revenue growth may be due to pent up demand, much of the increase comes from a renewed focus by consumers on renovating their homes following the lockdown. This influence may last for an extended period," says Victoria's statement.
June's trading figures were ahead of target at £61m for the month, from a low in April when sales were just £20m, 35% of the pre-Covid target.
Victoria plc posted its preliminary annual results for the year ended 28 March 2020 which shown sales of £622m, compared to £567m in 2019. Like-for-like organic revenue growth achieved of +0.4% across the Group, despite double-digit revenue declines in March due to Covid-19 lockdowns.
Geoff Wilding, Executive Chairman of Victoria PLC commented: “Victoria continued to grow both organically and by acquisition in FY2020, despite the significant impact of Covid-19 on the business from late-February, which turned what would have been a very good year into a good year.
"Importantly, the Group’s operational managers have executed flawlessly on their recovery plan following the ending of the various lockdowns and I am delighted to confirm that current revenues are running ahead of our pre-Covid-19 budget for FY2021," he said.
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