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29 Aug 2019 | 08:18

McColl's Retail Group sees drop in Q3 sales in 'challenging' environment

Convenience store retailer McColl's Retail Group said third-quarter sales and revenue were dragged down by a 'challenging' trading environment and poorer weather across the summer, but added that it still expected full-year results to be 'in line' with expectations.

Like-for-like sales were down 2.2% and total revenue was 3.6% lower for the 13 weeks ending 25 August 2019.

Meanwhile, year-to-date like-for-like sales were down 0.1%, with total revenue 1.2% lower. The firm said this reflected a reduction in the store base as it continued to reshape and optimise the estate.

It said it had made further progress on its 2019 strategic priorities and was continuing with its programme of range reviews, most recently with the relaunch of the soft drinks category.

It said it had also made further improvement in on-shelf availability and was making continued investment in the estate with four new convenience stores opened in the quarter.

'As we outlined in our interim results, this has been a highly unseasonable summer for the retail sector and our sales performance reflects both this and the ongoing macro-economic uncertainty,' said chief executive Jonathan Miller.

'The fundamentals of the convenience channel are strong and our focus remains on good retail execution whilst maintaining strong capital discipline. We continue to make operational progress and we anticipate results in line with expectations for the full year,' he added.

At 8:18am: (LON:MCLS) Mccolls Retail Group Plc share price was -0.2p at 48.2p

Story provided by StockMarketWire.com
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