- Nisa EBITDA grew to £520,000 over Christmas from a £2.4m loss last year
- Sales rose 6.3% to £254.3m in the 10 weeks to January 3 and volumes increased 5.7%
- Nisa expects EBITDA to hit £7.2m in its current financial year
Convenience store chain Nisa Retail swung into profit over the Christmas period as sales rose 6.3% helped by “competitive pricing”.
The retailer made £520,000 in EBITDA over the period compared to a £2.4m loss the previous year.
Nisa expects EBITDA to hit £7.2m in its current financial year as its turnaround strategy gains momentum.
Nisa, which kickstarted its turnaround following the appointment of former Tesco and Aldi director Nick Read as chief executive last February, said the profit growth reflected improved trading margin, distribution efficiencies and a reduction in fixed costs.
Sales volumes grew 5.7% over the festive period. Nisa said its “sharply priced” promotional offers were well received by customers.
Chilled goods was its top performing category, growing 23.8% to £42.9m over the 10 weeks. Confectionery sales also jumped 12.8% to £17.1m.
Read said: “Last year the business made a loss during the Christmas period, so to register a profit of over half a million pounds, in a challenging marketplace and during a turnaround year for Nisa, is particularly gratifying.
“Our continued investment in a strong own-brand range and competitive pricing has helped our independent retailer members to perform well through a key seasonal trading period – underpinning Nisa’s position as the partner of choice for convenience retailers.”
In October, Nisa secured a new two year banking facility to support its growth plans.