Convenience store group McColl’s has reported total sales up 3% and like-for-like sales up 1.4% in the 19-week period to April 6.
McColl’s, which floated last month, said its post IPO refinancing has been completed, significantly reducing debt levels and debt service costs.
James Lancaster, chairman and chief executive, said: “We are pleased with how life as a public company has begun. Trading figures remain encouraging and we are making good progress on our strategy to further enhance our position in a rapidly growing convenience market.”
McColl’s said it continues to execute its strategy to enhance its offering in the convenience sector through store acquisitions and conversions, and extending its product range.
McColl’s now has a total of 725 convenience stores, representing 56% of the group’s total store base of 1,279.
McColl’s said the convenience market fundamentals remain very positive and the board is confident that the group’s growth strategy in convenience is on-track and that the benefits of acceleration in development will come through in the near future.