Sales at Costcutter have edged up in the first six months of the year while it has revised its target for new Kwiksave stores upward.
Costcutter Supermarkets Group has reported a 4% rise in sales year-on-year while its owner Bibby Line Group has set a new target of 20 Kwiksave stores by the end of the year.
Some 112 new retailers joined the group in the first six months of 2012. A further 41 are set to join the group “imminently”.
Meanwhile accounts filed at Companies House revealed group sales were at £441.4m for the 35 weeks to December 31, 2011 compared with £632.5m for the 53 weeks to April 30 2011. Costcutter has adjusted its financial year in line with parent Bibby Line Group which acquired the symbol group last November.
The accounts reveal Costcutter made a pre-tax profit of £8.7m in the 35 week period to the end of 2011.
The company said supply deals with several large groups are due to commence in the coming weeks and it has identified a number of locations it is looking to buy.
Costcutter has launched a number of new fascias including its upmarket myCostcutter brand, the returned Kwiksave fascia and its new Rhythm & Booze off license franchise which is currently being trialled. The company has revised its target for new Kwiksave stores upward.
Bibby Line Group managing director Sir Michael Bibby said: “We opened the first Kwiksave store in May 2012 and in September we will open our sixth store. The target was to have 12 stores by the end of the year, however the new format store is proving so popular we are on course to open 20 stores by Christmas.”
Costcutter Supermarkets Group chief executive Nick Ivel said: “Despite continuing to operate in a tough economy Costcutter Supermarkets Group has continued its year-on-year growth. These latest performance figures underline the excellent work being done by our retailers and everyone within the business.
“Retailer recruitment is buoyant. We are seeing more and more independent retailers joining a symbol group for the first time and our recruitment of retailers from our rivals is also increasing.”