Sales down at McColl’s in third quarter
McColl’s has reported that its like-for-like sales dropped by 2.2% in its third quarter.
In the 13 weeks to 25 August, total sales fell by 3.6% as the company battled against what it described as a challenging retail trading environment as well as poorer weather over the summer.
Jonathan Miller, McColl’s chief executive, said: “As we outlined in our interim results, this has been a highly unseasonable summer for the retail sector and our sales performance reflects both this and the ongoing macro-economic uncertainty.”
During the quarter, McColl’s opened four new convenience stores.
The third quarter results mean that the company’s like-for-like sales are down 0.1% in the financial year to date. Total revenue is also down, dropping by 1.2%.
Miller added: “The fundamentals of the convenience channel are strong and our focus remains on good retail execution whilst maintaining strong capital discipline. We continue to make operational progress and we anticipate results in line with expectations for the full year.”
