McColl's warns on product availability
By Sarah Wood | 18th November 2021
Convenience chain McColl's said it is struggling to keep its shelves stocked, as supply chain disruption continues to hit retailers in the run-up to Christmas.
The retailer, which has a number of stores in and around Gloucester and Cheltenham, has seen shares plunge to record lows, after it warned that weak product availability would hit annual profits, as reported by Sky.
McColl's, which has 1,265 convenience stores and newsagents across the UK, said a shortage of lorry drivers and insufficient supply of key products had worsened in the final quarter of its financial year.
It said adjusted pre-tax profit expectations for the year to the end of November would be in the range of £20m to £22m, compared to a previous forecast of £27m.
The company said it is working with its wholesale partner, Morrisons, to restore product availability. It also confirmed it is on track to convert 350 stores to the Morrisons Daily format over the coming year.
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