McColl’s like-for-like sales rise by 1.4%
Newsagent and convenience store operator McColl’s Retail Group saw its like-for-like sales rise by 1.4% in the 19 weeks to 6 April 2014. Total sales increased by 3%.
The group said it had continued to grow its convenience store offering in the 19 week period by acquiring 10 new premium convenience stores and converting a further 93 standard stores into premium outlets. In addition, 11 newsagent stores were converted to food and wine stores.
Four shops were closed during the period as part of the group’s strategy to remove underperforming outlets from its portfolio. McColl’s now operates 1,279 stores of which 725 are convenience stores.
The group said a recent agreement with the Post Office offered the potential to accelerate growth in the convenience business.
Never Miss a Retail Update!Having floated on the London Stock Exchange in February, McColl’s has now completed its post IPO financing which has significantly reduced its debt and debt service costs.
McColl’s chairman and chief executive James Lancaster said: “We are pleased with how life as a public company has begun. Trading figures remain encouraging and we are making good progress on our strategy to further enhance our position in a rapidly growing convenience market.”
Looking ahead the group said: “The convenience market fundamentals remain very positive and the board is confident that the group’s growth strategy in convenience is on-track and that the benefits of the acceleration in development will come through in the near future.”
