McColl’s blames profit warning on low consumer confidence

McColls 2

McColl’s has issued a profit warning for the year, blaming “softer market conditions” in the second half of the year on unseasonable weather and low consumer confidence.

The grocer said that adjusted EBITDA was expected to be £32m, “marginally below expectations” for the 52-week period ending November 24, 2019.

In its full-year trading update, McColl’s reported that like for like sales were level on the year, and that total sales were down 1.9% for the full year, which it said reflected “store divestments”.

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