Convenience store group sees sales grow
24th July 2017
Convenience store retailer, McColl's has reported a 7.6 per cent rise in revenue in the 26 weeks up to the end of May.
Revenue was £504.8 million compared to £469.2 million in 2016.
The group said it had benefited from the successful integration of 298 stores acquired from the Co-op.
Profit before tax was £4.5 million (2016: £8.2 million) impacted by £2.3 million exceptional costs relating to the acquisition and £1.3 million pre-opening costs.
Jonathan Miller, McColl's chief executive, said: "I am encouraged by the performance we have delivered over the first half of the year as our business has continued to gain momentum.
"We have traded well in a challenging environment and also benefited from the recent hot weather, which has helped to drive sales in key growth categories including grocery and alcohol.
"We are delighted to have completed the integration of the acquired stores, on time and on budget. We have welcomed over 3,500 new colleagues who have done a great job in supporting customers through the transition, and early trading is in line with our expectations.
"With all 298 stores now on board, they are expected to make a material contribution to sales and profit in the second half of the year and beyond.
"As the wider convenience and wholesale sector evolves and continues to grow, McColl's is in a strong position to benefit. We remain confident that our standing as a leading neighbourhood retailer will allow us to continue to achieve further progress against our strategy and deliver sustainable returns for shareholders."
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