McColl's maintains full-year guidance despite posting softer Q3 revenues
Convenience retailer McColl's Retail Group expects its full-year results to be in line with expectations despite seeing both third-quarter and year-to-date revenues slip year-on-year.
McColl's saw like-for-like sales in its third quarter drop 2.2% and total revenues fall 3.6% as a result of the "challenging retail trading environment" and poorer weather in the UK.
On a year-to-date basis, like-for-like sales and total revenues were down by 0.1% and 1.2%, respectively, on the back of a reduction in the group's store base as it continued to reshape and optimise its estate.
Despite the decline, chief executive Jonathan Miller said the group still anticipated the group's full-year results would be in line with expectations.
McColl's also stated it had made further progress on its 2019 strategic priorities of stabilising both the business and its operational execution.
Miller said: "As we outlined in our interim results, this has been a highly unseasonable summer for the retail sector and our sales performance reflects both this and the ongoing macro-economic uncertainty.
"The fundamentals of the convenience channel are strong and our focus remains on good retail execution whilst maintaining strong capital discipline."
As of 1335 BST, McColl's shares were down 1.86% at 47.50p.