McColl’s Retail Group has posted a solid performance and continued expansion in its latest trading update for the third quarter of its trading year.
Total group sales for the retailer, which owns a chain of convenience stores, grew by 1.8 per cent year-on-year in the 13 week period to August 28, driven by its investment strategy.
While like-for-like sales were down 1.8 per cent for the quarter, it held up better in food and wine and premium convenience stores than in standard convenience stores and newsagents.
Boosting its financial performance were McColl’s operational highlights and expansion.
In the year to date, it acquired 36 new stores, bringing the company’s estate to 953 convenience stores, 417 newsagents, 555 post offices and 185 Amazon lockers nationwide.
The retailer said it was on track to achieve its target of 1000 convenience stores by the end of December, which includes the acquisition and rebranding of 298 convenience stores from the Co-op announced in July.
McColl’s has also grown its convenience product range with 32 food and wine conversions completed, eight Subway outlets now in operation, and rolling out 28 modules of its Food to Go offering.
McColl’s chief executive Jonathan Miller said 2016 continued to be a “year of significant progress” for the company, driven by store acquisitions and an investment programme.
“As a business we remain focussed on the key elements of our clear strategy: to increase market share, grow our convenience product range and deliver great customer service, which we are confident will cement our position as a leading neighbourhood retailer,” he said.