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McColl's full year profits rise

Newsagent and convenience chain McColl's has reported that its full year pre-tax profit rose to £21.1 million from £12.6 million in the previous year.

GENERAL MERCHANDISE

McColl's full year profits rise

In the 52 weeks to 29 November, total revenue edged up 3.1% to £932.2 million. Like-for-like sales declined by 1.9% in the full year period although there was an improving trend in the final quarter.

James Lancaster, McColl’s chief executive, said: "I am pleased to announce financial results in line with expectations for 2015. In a challenging market we have grown sales and improved profits, at the same time we continue to deliver on our strategy of evolving our store portfolio.

“This year will see us reach 1,000 convenience stores, 50% more than we operated just four years ago.”

Looking at current trading, total like-for-like sales fell by 1.8% in the 13 weeks to 28 February 2016 in line with the previous quarter. Within this, the retailer’s premium convenience and converted food and wine stores continued to show a stronger performance with sales down 1.1% compared to a decline of 3.1% in its newsagents and standard convenience stores.

Like-for-like sales in the retailer’s 2014/2015 conversions and acquisitions were ahead by 0.4%.

Total revenue for the period increased by 2.7%.

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