McColl’s reports like-for-like annual sales dip
McColl’s Retail Group has announced a like-for-like sales dip of 1.9% but total revenue grew 3.1% in the year ending November 29, according to its preliminary results.
Like-for-likes (LFL) dropped with premium convenience and food and wines slightly down by 0.6% and standard convenience and newsagents down by 4% compared to the same period in 2014. Total revenue rose 3.1% to £932.2m compared to £922.4m in 2014.
The group said it was on track to achieve its target of acquiring 1,000 c-stores by the end of 2016. It obtained 60 new stores and has completed 45 food and wine conversions, taking the total number to 893 stores to date.
Chief executive James Lancaster said: “In a challenging market we have grown sales and improved profits, at the same time we continue to deliver on our strategy of evolving our store portfolio. This year will see us reach 1,000 convenience stores, 50% more than we operated just four years ago.
”Additionally, we will extend and expand the range of products and services we provide to neighbourhoods across the country, at the most convenient times. McColl’s is a business which can continue to grow and deliver for customers, colleagues and shareholders.”
Total LFL sales were also down by 1.8% in the 13 week period ending February 28 2016, in line with the previous quarter.