McColl’s Retail Group has reported a 2.3% drop in like-for-like sales during the 13-week period to 30 August 2015.
The drop is split between premium convenience and food and wine - down 0.4% - and standard convenience and newsagents, down by 4.6%.
The group’s total sales grew by 3.0% year on year, driven by its convenience store expansion strategy which continues to capture market share - a total of 21 new stores were acquired during the quarter.
Chief executive James Lancaster said while like-for-like sales were down overall, “the group’s premium food and wine convenience stores have continued to outperform its newsagents and standard convenience stores”.
McColl’s now has a total of 866 convenience stores, representing 64% of the group’s total store base of 1,365 and is on track to achieve its target of 1,000 convenience stores by the end of 2016.
“We have made excellent progress on acquisitions and store developments, and we now have 500 post offices,” added Lancaster. “We have also taken advantage of improvements in the credit markets since flotation and I am delighted with the revision to the terms of our banking facilities which will result in lower interest costs.”