Thursday, September 23, 2021

McColl’s expansion leads to 6th year of sales growth

McColl’s has recorded a sixth consecutive year of annual sales growth as the convenience retailer company confirmed it was set to deliver full-year results in line with expectations.

In its trading update related today, McColl‘s experienced a 1.9 per cent uptick in total revenue in the year ended November 27 but like-for-like sales declined by 1.9 per cent.

Looking at fourth quarter figures, total revenue went up by 1.7 per cent but fell by the same amount on a like-for-like basis.

McColl‘s said its total revenue was bolstered by the opening of new stores, with 58 stores acquired during the year, bringing the total estate to 1001 stores. 

READ MORE: McColl’s solid Q3 performance boosted by ongoing expansion

The retailer is also buying 298 convenience stores from the Co-op, and confirmed integration planning was on track.

However, decline in premium convenience and food and wine stores, as well as 3.3 per cent fall in newsagents and standard convenience stores, meant McColl‘s like-for-like sales went down by one per cent.

Nonetheless, like-for-likes at recently-acquired and converted stores went up slightly by 0.8 per cent.

McColl‘s said it is now preparing for Christmas and would have 650 stores open on Christmas Day for “those last-minute essentials”.

The company will reveal its full-year results on February 27.

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