Chain’s total like-for-like sales hit by 2.2 per cent
Shares in convenience store chain plunged more than 6 per cent today morning after it reported a fall in total like-for-like sales for the 11 weeks until 11 February, down 2.2 per cent. Total revenues rose almost a fifth to £1.13bn for its 2017 financial year.
The group said it had been hit by disruption due to UK wholesaler Palmer and Harvey (P&H) falling into administration in November last year.
Meanwhile, today’s annual results also showed that McColl’s has passed the £1bn sales mark for the first time, following its acquisition of around 290 Co-op stores in 2017.
“We have delivered a strong financial performance with a step-up in sales and profitability propelled by our acquisition of 298 convenience stores, and by surpassing £1 billion in annual revenues for the first time we have demonstrated that this is now a business of real scale,” McColl’s chief executive Jonathan Miller said.
“Continuing this momentum, this year we will significantly enhance our customer offer as we transition supply in over 1,300 stores to Morrisons and exclusively launch hundreds of new Safeway-branded products at McColl’s,” Miller added.