McColl’s the convenience store and newsagent has reported total revenue up 28.9% in its fourth quarter and 19.1% for the full year following successful integration of 298 acquired convenience stores (completed in mid-July)
Like-for-like sales in convenience stores were up 0.1%, however like-for-like sales in newsagents were down 0.2%. Total like-for-like sales were down 1.1% in Q4 impacted by declining traditional categories and unfavourable weather, the company said.
Like for like sales in recently acquired and converted stores2 were up 1.3% in Q4 and 2.4% for the full year.
The Group remains on track to achieve results for the full year in line with management's expectations.
Business of scale
Commenting on the results Jonathan Miller, Chief Executive, said:" For the first time the business has achieved annual revenues of more than £1bn, boosted by our transformational acquisition of 298 high quality convenience stores last year, demonstrating that this is now a business of real scale.
"McColl's is well positioned to continue to take advantage of the growing convenience market, with clear opportunities to enhance organic growth across our estate, as well as continued expansion through our acquisition programme.
"As we look ahead to next year, we will focus on delivering an enhanced customer offer in over 1,300 stores through the ground-breaking wholesale partnership we signed with Morrisons, which will see us launch hundreds of Safeway branded products, exclusively in McColl's from January 2018.
"We will also extend our successful convenience store refresh programme to 100 more stores next year. Customer feedback remains very positive and the early performance of refreshed stores has delivered significant increases in footfall and sales, and increased uptake of higher margin convenience categories, including fresh and chilled food."