Retail Week looks ahead to the next seven days, with financial updates from McColl’s and Primark owner Associated British Foods both on the agenda.

agenda  logo

agenda logo

McColl’s

The convenience specialist unveils its full-year results on Monday. The retailer enjoyed an 8.1% spike in pre-tax profit to £8.2m at the half year stage as it continues its strategy to convert stores into its “premium convenience” format.

Despite improving profitability, like-for-like sales declined 2.2% during the 26 weeks to May 29, although that drop was driven by performance in its newsagents and standard convenience stores.

By contrast, like-for-likes in recently acquired and converted stores were up 1%. McColl’s is also on a drive to expand its store portfolio, having been given the green light to acquire 298 Co-op shops last December.

The business has already begun converting those stores – a process it aims to finish by August.

Primark

The fashion giant’s owner Associated British Foods (ABF) will update the market with a pre-close statement on Monday.

Primark’s adjusted operating profit climbed 1% to £689m for the year to September 17, 2016, but like-for-like sales fell.

ABF said same store sales were down 2% across the group, with UK performance “in line” with that figure as fierce competition, “unseasonable weather” and “cautious” consumers dented growth.

Primark has already warned that the weakening of the sterling would have an “adverse” impact on margins in its current financial year, although the extent of that may not become clear until its full interim results are unveiled in April.