Conviviality Retail says full year earnings will beat expectations
In a pre-close trading update, the company reported that like-for-like sales at Bargain Booze stores were flat in the 52 weeks to 27 April 2014 although average sales per store increased by 3.2% reflecting an improvement in the quality of the portfolio.
Like-for-like sales at Wine Rack, which Conviviality acquired in September 2013, rose by 1.4% in the second half and by 2.9% on the first half.
Conviviality said it had traded well over the Easter period, with like-for-like retail sales over a comparative six weeks to 27 April 2014 increasing by 2.2% for Bargain Booze stores and 6.5% for Wine Rack stores.
In the same statement, Conviviality also announced that Andrew Humphreys will join the board as chief financial officer from Direct Wines.
Meanwhile, Julie Wirth has decided to step down from the Conviviality board on 27 June due to personal reasons although she will continue to support the business through the financial year end.
Yesterday, Conviviality announced that it had acquired 26 Rhythm & Booze stores in the north of England.
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