Money

McColls profits undershoot expectations after disappointing summer



Poor summer weather and low consumer confidence dented full-year profits at convenience store giant McColl’s , with chief executive Jonathan Miller branding 2019 as “another challenging year for the business”.

In its pre-close trading update, the group said adjusted profits would sit at £32 million for the year to 24 November, “marginally” below expectations. Getting rid of stores helped the company to halt its slide in like-for-like sales, which had dipped by 1.4% during 2018.

McColl’s is working with Uber Eats to deliver food and is developing its own takeaway food range. It has also continued to reduce its debt pile from £98.6 million to £94.1 million.
McColl’s traces its roots back to 1901, when Robert Smyth McColl opened his first shop in Glasgow.

Entrepreneur James Lancaster listed the group on the stock market in 2014 and the company now has more than 1,500 stores across Scotland, England and Wales. Miller said: “The fundamentals of the convenience channel are strong, and we remain a resilient, profitable and cash generative business. We are confident in our plans to rebuild momentum in 2020 and look forward to providing a fuller strategy update at our preliminary results in February.”



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