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McColl’s revenue tops £1.25bn despite store closures

McColl’s revenue has increased by 2.3% to £1.25bn this year in light of “strong demand” during the pandemic, according to the group’s full year trading report.

In the year ended 29 November 2020, the convenience retailer’s like-for-like sales surged by 12%, due to a “strong performance” across its food, drink and tobacco sales.

However, McColl’s growth was curbed by the closure of 179 of its stores as the retailer continued with its store optimisation programme to increase profitability.

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Looking ahead, however, the group expects its like-for-like revenue growth to “moderate” and its sales mix to normalise over the course of the coming year. 

Jonathan Miller, the retailer’s chief executive, said: “As we look towards the festive period, the safety and well-being of our colleagues and customers continues to be our number one priority.

“I am extremely proud of all of our colleagues who have been working incredibly hard to keep supplying our neighbourhood communities with the food, goods and services they need.”

He added: “Since the onset of the pandemic, we have seen strong demand driven by our customer offer and the positioning of our stores in key neighbourhood locations. 

“At the same time, we have faced significant COVID-19 related costs and our operating margins have been reduced by a change in customer behaviour and product mix.”

 

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