McColl's reports 31% jump in third-quarter sales
Convenience store chain McColl's reported a 31% rise in total revenue for 13-week period to 27 August and a 15.8% jump year-to-date following the successful integration of 298 acquired convenience stores.
Food & Drug Retailers
3,891.51
14:50 25/04/24
FTSE All-Share
4,372.13
14:50 25/04/24
FTSE Small Cap
6,417.17
14:50 25/04/24
McColl's Retail Group
1.68p
17:30 11/04/24
On a like-for-like basis, revenues were up 0.7% in the third quarter, with sales at convenience stores up 0.7% and sales at newsagents up 0.3%. LFL sales from the recently acquired and converted stores were 2.6% higher in the quarter.
Chief executive Jonathan Miller said: "This has been a significant quarter for McColl's with the integration of all 298 of the acquired convenience stores completed and the announcement of a groundbreaking new supply partnership with Morrisons, beginning in January 2018.
"The 298 newly integrated convenience stores have driven strong revenue growth, and our existing estate has continued to perform well, delivering a second consecutive quarter of positive like-for-like sales growth."
Miller said the group continues to look at opportunities to further enhance organic growth, and is "pleased" by the progress it is making with its convenience store refresh trial. Customer feedback has been positive and the early performance has been "very strong", he said, with significant sales uplifts and increased participation in key convenience categories, including fresh and chilled food.
At 0900 BST, the shares were up 0.6% to 268p.