Shares of Studio Retail Group PLC (LON: STU) collapsed more than 16% from yesterday’s high on profit-taking after investors pushed the stock to record highs above 260p.
The online value retailer posted a jump of 8.6% in adjusted pre-tax profit to £31.2 million.
Revenue rose by 2.2% to £514.8 million for the full-year period ending March 27.
“The year FY20 seems a world away now, but it was a year in which we made operational progress as a group, ensuring we were ready to face Covid-19 from a position of strength,” Studio chief executive Phil Maudsley.
“As the public have remained at home, more and more customers have been attracted to, and become aware of, our phenomenal online value offer. It is now up to us to keep up the momentum and make sure our proposition continues to resonate at a time when shopping habits are moving online and consumers are valuing the pound in their pocket more than ever before.”
Studio benefited immensely from people staying at their homes and shopping online. This led to sales surging by 42% year-on-year.
Studio share price lost over 15% in less than two trading days, falling from 265p to 221p.