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Nisa Retail returns to profit

Convenience store group Nisa Retail has made a return to profit in the year to 2 April.

FOOD & DRINK

Nisa Retail returns to profit

Convenience store group Nisa Retail has made a return to profit in the year to 2 April.

Ahead of a potential takeover by the Sainsbury’s supermarket chain, the company has announced a profit of £2.8 million compared to a loss of £5.4 million in the previous year.

With 1,300 members and 3,000 stores across the UK, Nisa also reported a 2.6% decline in sales to £1.25 billion and a 1.5% fall in like-for-like sales which was partly due to the collapse of former member My Local.

Nick Read, chief executive of Nisa Retail, said: “The uplift in performance throughout FY17 continued to build on the foundations laid in FY16, when Nisa returned to profitable growth. It has also helped us to convey a message of long term sustainability, key to securing the confidence of our banking partners in our recent refinancing discussions.

“The business now has the security of a £120 million facility for a period extending to five years, the terms of which are more favourable than our previous facility. Nisa is well placed to continue the execution of its three-year strategy, to grow profitably and create a sustainable business model for the benefit of all its members.”

Looking at current trading, Nisa said weekly sales to week nine of the new financial year were 7% higher than in the same period in the prior year.

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