Nisa reports improved full year performance
Nisa Retail has reported full year adjusted earnings of £7.3 million compared to a loss of £2.9 million in the previous year.
The increase in the year ending 3 April was £0.1 million better than target and marked the biggest annual swing in profit in the wholesaler and convenience retailer's 39 year history.
Meanwhile, underlying profit was £0.6 million following a loss of £5.4 million in the prior year.
Nisa said its overall sales performance was encouraging, with the business achieving sales of over £1.3 billion for the year. In addition, it boosted its membership numbers by 476 stores to reach an overall total of 2,915, excluding export accounts.
Nick Read, chief executive of Nisa Retail, said: "It has been a challenging, but ultimately pleasing year for Nisa. The business experienced the biggest swing in profit in its 39 year history as we sought to stabilise the company, address historical issues and lay the foundations to return to profitable growth and build for it a sustainable business model.
“Nisa is now very much back on an upward curve, with the business having already seen a 3.5% increase in weekly sales in the first 12 weeks of FY17, and we are extremely positive about our future."
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