UK convenience firm McColl's has posted a 0.2% increase in like-for-like sales in the first half of its financial year (26 weeks to 28 May), however LFL sales were up 1.4% in Q2, boosted by favourable weather, the company said.
The group posted total revenue of £504.8 million in H1, which was up 7.6% from the £469.2 million it recorded last year.
This was boosted by the acquisition of 298 stores from the Co-operative Group, of which around two thirds were trading at the half year, and all by the end of July.
Like-for-like performance in recently acquired and converted stores was up 2.8% in H1 and 3.8% in Q2.
'Traded Well'
"We have traded well in a challenging environment and also benefited from the recent hot weather, which has helped to drive sales in key growth categories including grocery and alcohol," McColl's chief executive Jonathan Miller said in a statement.
“As the wider convenience and wholesale sector evolves and continues to grow, McColl’s is in a strong position to benefit. We remain confident that our standing as a leading neighbourhood retailer will allow us to continue to achieve further progress against our strategy and deliver sustainable returns for shareholders.”
The group's current store court includes 1,292 convenience stores and 358 newsagents, which is an 80% increase in convenience stores since the group's IPO in 2014.
Miller added that the company's focus "remains on enhancing our convenience proposition through growing market share, developing our product ranges and delivering excellent customer service."
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: The European Supermarket Magazine.
