McColl’s profits slide as Morrisons partnership extended

McColls 2

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%.

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