UK convenience retailer McColl's has posted a 2.2% decline in like-for-like sales in the third quarter of its financial year.
In a trading update, the company reported a 3.6% decline in total revenue for the 13 weeks ended 25 August 2019.
Brexit
The retailer attributed the decline to uncertainty surrounding Brexit and the poor summer weather.
Chief executive, Jonathan Miller, said, "As we outlined in our interim results, this has been a highly unseasonable summer for the retail sector and our sales performance reflects both this and the ongoing macro-economic uncertainty."
The retailer's year-to-date like-for-like sales declined marginally by 0.1%, with total revenue down 1.2%, mainly because of ongoing store renovation.
Outlook
The retailer reported progress on its strategic priorities for 2019 which include stabilising the business and its operational execution.
"The fundamentals of the convenience channel are strong and our focus remains on good retail execution whilst maintaining strong capital discipline," Miller added.
"We continue to make operational progress and we anticipate results in line with expectations for the full year."
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: The European Supermarket Magazine.
