McColl’s profits slide as Morrisons partnership extended
McColl’s has recorded a decline in profits as the pandemic altered its shoppers’ spending habits.
McColl’s gross profit dropped 4.7% to £301m in the 53 weeks to November 29, which the retailer attributed to “a move away from impulse purchases to lower-margin take-home products as well as multibuys and value items”.
The convenience chain said its product mix had changed due to the demands of customers amid the coronavirus pandemic, leading to a 2% reduction in gross margin to 24%.
Subscription content
Please sign in now if you have a subscription or are already registered with us.
Register for free to continue reading
Retail-Week.com provides premium, in-depth intelligence that helps retailers judge risks, spot opportunities and identify what they need to do to win in the digital economy.
Register today for a taste of our high-quality intelligence and enjoy:
- Two free article views per calendar month on Retail-Week.com
- Detailed analysis of current trends and events
- Exclusive newsletters
- In-depth reports, videos, interviews and much more
Discover Retail Week register now
Please note, if you have recently purchased a subscription, it may take a few minutes before your account is updated.