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Trading statements

McColl's revenue boosted by new stores

31 August 2017 07:47

Convenience retailer McColl's grew its total revenue by 31.1% in the third quarter after completing the integration of 298 acquired convenience stores.

Like-for-like (LFL) sales rose by 0.7%, with sales in convenience stores up 0.7% and sales in newsagents up 0.3%.

LFL performance in the recently acquired and converted stores was up 2.6%.

The group signed a new wholesale supply partnership with Morrisons on 1 August.

Three further convenience store refreshes were completed and 20 more are planned by the end of the financial year.

The group said it remains on track to achieve results for the full year in line with management's expectations.

Jonathan Miller, chief executive, said: "We continue to look at opportunities to further enhance organic growth, and are pleased by the progress we are making with our convenience store refresh trial. Customer feedback has been positive and the early performance has been very strong, with significant sales uplifts and increased participation in key convenience categories, including fresh and chilled food.

"We're delighted to have secured Morrisons as our long-term wholesale supply partner and, with recent research confirming that the Safeway brand resonates with over two thirds of shoppers, we are excited to be relaunching it within McColl's stores. We're confident this partnership will significantly enhance our fresh food credentials and we expect a material sales and profit benefit in the medium term."

Story provided by StockMarketWire.com

Related Company: MCLS

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