Convenience and newsagent retailer McColl's (MCLS) has reported a solid third quarter in line with management expectations. Total sales grew 4.3 per cent in the 13 weeks to 24 August, as McColl's snapped up 10 premium convenience stores. Like-for-like sales were down just 0.5 per cent against very strong comparatives. So far this year, sales are running 4 per cent ahead, with underlying sales up 1.2 per cent.
The modernisation of the group's Post Office network continued apace with the 250th upgrade since the programme started in 2013. The group converted a further 16 newsagents to food and wine stores, so that the number of convenience outlets now totals 771, representing 59 per cent of the entire store base and on track to reach 1,000 by the end of 2016.
James Lancaster, chief executive, said: "While the sector remains competitive, trading figures for the important summer quarter have stood up well and the convenience market fundamentals are positive."
