THE RETAIL BULLETIN - The home of retail news
HOME
Department Stores
Electricals
Entertainment
Fashion
Food & Drink
General Merchandise
Health & Beauty
Home & DIY
Interviews
Newsletter
Property
Shopping Centres & Retail Parks
Sports & Leisure
RETAIL INSIGHTS
RETAIL SOLUTIONS
Omnichannel Futures Conference 2020
Online Conversion Summit 2020
Future of Retail Marketing 2020
The HR Summit 2020
The Future Of AI in Retail Conference 2020
ABOUT
CONTACT
SUBSCRIBE FOR FREE
McColl’s profits impacted by Co-op stores acquisition

Convenience chain operator McColl’s has reported a fall in pre-tax profit in the first half of its financial year after it incurred costs relating to its… View Article

GENERAL MERCHANDISE

McColl’s profits impacted by Co-op stores acquisition

Convenience chain operator McColl’s has reported a fall in pre-tax profit in the first half of its financial year after it incurred costs relating to its acquisition of 298 stores from the Co-operative Group.

In the six months to 28 May, pre-tax profit declined to £4.5 million from £8.2 million in the previous year after taking account of exceptional costs of £2.3 million and pre-opening costs of £1.3 million.

Total revenue rose by 7.6% to £504.8 million as the company benefited from the addition of the Co-op stores, around two thirds of which were trading at the end of the period.

Meanwhile, like-for-like sales edged up 0.2% following a 1.4% uplift in the second quarter.

Adjusted EBITDA increased to £16.5 million from £16 million a year earlier.

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.”

McColl’s said the remaining Co-op stores will all be trading by the end of July. Like-for-like sales in the recently acquired and converted stores increased by 2.8% in the period.

Miller added: “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.”

The company said its full year results are forecasted to be in line with management’s expectations.

 

Email this article to a friend

You need to be logged in to use this feature.

Please log in here

Subscribe For Retail News

RETAIL EVENTS

Omnichannel Futures Conference 2020
Omnichannel Futures Conference 2020
5 February 2020
Cavendish Conference Centre, 22 Duchess Mews, London W1G 9DT
A truly omnichannel offering requires an understanding of customer behaviour across all shopping channels and how this should impact your overall business strategy
Online Conversion Summit 2020
Online Conversion Summit 2020
April 30 2020
The Hallam Conference Centre, 44 Hallam St, Marylebone, London W1W 6JJ
The Retail Bulletin Online Conversion Summit 2020 Partnered by IMRG
Future of Retail Marketing 2020
Future of Retail Marketing 2020
9 June 2020
Hallam Conference Centre, 44 Hallam St, London W1W 6JJ
The Future of Retail Marketing for Customer Engagement
The HR Summit 2020
The HR Summit 2020
1 October 2020
Hallam Conference Centre, London W1W 6JJ
Company values, collaboration with employees and driving a major HR transformation to create a truly omnichannel experience, need to be at the heart of the organisation's culture and brand
The Future Of AI in Retail Conference 2020
The Future Of AI in Retail Conference 2020
14 October 2020
Hallam Conference Center, 44 Hallam Street, London W1W 6JJ
CONFERENCE AIMED AT RETAILERS WORKING IN MARKETING, IT, DIGITAL, DATA AND TECHNOLOGY