1st Sep 2016 07:43
LONDON (Alliance News) - McColl's Retail Group PLC on Thursday said its revenue rose in its third quarter and year to date, and it is on track for its target of 1,000 convenience stores by the end of 2016.
The convenience and newsagent stores operator said its total revenue rose 1.8% in the thirteen weeks to last Sunday, taking its total revenue growth for its financial year to date to 2.0%.
On a like-for-like basis, which incorporates sales from stores that have traded through the current and prior financial periods and includes VAT but excludes fuel, lottery and mobile phone top up sales, sales were down 1.8% in the period and 2.0% in the year to date.
This is mostly due to a drop in like-for-like sales in premium convenience and food and wine stores, and in newsagents and standard convenience stores, offsetting growth at recently acquired and converted stores.
"2016 continues to be a year of significant progress in delivering our convenience strategy. This was particularly demonstrated by our transformational acquisition of 298 convenience stores from the Co-op announced on 13th July 2016. We are making good progress with the approvals and our preparations ahead of the transition of these stores during 2017," said Chief Executive Jonathan Miller in a statement.
"We continue to be on track to deliver results in line with the board's expectations for the financial year, alongside reaching 1,000 convenience stores by the end of the calendar year," Miller added.
Shares in McColl's were up 2.0% at 169.25 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
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