29th Aug 2019 09:25
(Alliance News) - McColl's Retail Group PLC on Thursday said it expects to report annual results in line with forecasts despite a reduction in earnings in the third quarter and year-to-date.
The newsagent operator said like-for-like sales in the 13 week period to Sunday last week were down 2.2% and total revenue fell by 3.6%, reflecting the challenging retail trading environment in the UK and poorer weather across the summer compared to 2018.
For the year-to-date, like-for-like sales declined by just 0.1%, and total revenue decreased by 1.2%, reflecting a reduction in the store base as the company said it continues to reshape and optimise the estate.
"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.
More positive, McColl's noted progress in the stabilisation of the business by improving the on-shelf availability of products and opening four new convenience stores in the past quarter.
"We continue to make operational progress, and we anticipate results in line with expectations for the full year," added Jonathan.
McColl's shares were trading 1.9% lower on Thursday in London at 47.50 pence each.
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