Bargain Booze owner reports sales growth

04 November, 2013

Bargain Booze owner Conviviality Retail has reported like for like sales growth of 0.6% during the six months to October 27.

The group has agreed an earnings before deductions target of £12 million with the City for the year to April 27, 2014, and said it “continues to perform in line with market expectations”.

It added that its performance in the last six months “represents a marked improvement on the corresponding period in 2012”.

The group attributed the strengthened performance to axing underperforming stores and improved standards across the portfolio, which also includes the Thorougoods and Select Convenience fascias.

The group bought the Wine Rack chain on September 2 and said it is “trading in line with management expectations, integrating well and performing to plan”.

A new Wine Rack store opens in West Byfleet, Surrey, this week, while the website has been redesigned and a range review is underway.

Conviviality said it benefits from positive cash flow and had a net cash balance of £11.8 million on October 27.

Chief executive Diana Hunter said: “We are pleased with the performance to date. Like-for-like growth in store sales is encouraging and reflects signs of underlying improvement in the core business. This is a result of the increased focus of our Franchisees and a better quality store portfolio, combined with a number of new incentives successfully introduced during the period.

“Wine Rack has bedded in well and we are already seeing the benefits from this acquisition. The board looks forward to further progress and growth across the business in the second half.”

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