CI Traders to expand M&S franchise
Jersey group seeing strong retail sales
Jersey based retail and leisure group CI Traders plans to expand its franchised M&S stores in the Channel Islands after seeing healthy retail growth across the spring.
In a statement to shareholders at the company’s annual meeting, chief executive Martin Bralsford reported a good start to the current financial year across the past 17 weeks.
He said that CI Traders, which was created two years ago by the merger of the Le Riche retail business, including department stores, grocery operations and franchised stores, with the pub and hotel operations of Ann Street, “is in a strong position to exploit growth opportunities in its principal geographic market of the Channel Islands.”
The company has been developing a c-store format, Checkers Express, and also operates a franchised Mango clothing store in St Helier.
Bralsford said: “As the leading retailer in the Channel Islands, it is pleasing to report that the retail segment of the group showed growth in sales of nearly 12.5 per cent in the period over the previous year, with like for like growth of some 6.5 per cent. Indeed, most of our business segments have shown sales growth on a like-for-like basis during the period.”
He did not specifically update in sales at the Mango store which CI had previously said had been performing below expectations since its opening last October.
Elsewhere, the group’s French soft drink business “has seen a significant drop in turnover as a result of changes in customer requirements and our wish not to be over reliant on any one major customer. In response to this, management are seeking new product listings with other French retailers.
“In the hospitality sector, although a strong performance in our Guernsey hotels and UK restaurants was offset by a decline in the Jersey pub business, our operating profit was maintained.”
Bralsford added: “We continue to invest in our retail business with new sites opening for both the highly successful Checkers and Marks & Spencer franchise in Jersey later in the year.”
The company said in January that it hoped to convert one of the Benest grocery stores it acquired last year in an M&S food-only format.
