Partly Cloudy

Partly Cloudy

max temp: 7°C

min temp: 1°C

Search

Retail: Bargain Booze and Wine Rack owner reports increased first-half profits and strong Christmas trading

10:59 20 January 2014

Bargain Booze owner Conviviality Retail has reported increased first-half profits.

Bargain Booze owner Conviviality Retail has reported increased first-half profits.

Archant

Franchised off-licence group Conviviality Retail today reported a near-14% increase in first-half profits, and said the second half would benefit from strong trading over the Christmas period.

shares

The company, which owns brands including Bargain Booze, Thoroughgoods and Wine Rack, together with Select Convenience which involves small food stores operated alongside Bargain Brooze outlets, said group profits before exceptional items grew by 13.6% in the 26 weeks to October 27 to £2.2million

Group revenues were 5.1% lower, at £183.7million, but like-for-like retail sales by franchisees were 1.5% up, which Conviviality said reflected a drive to improve the quality of its estate.

This saw the number of stores excluding Wine Rack, which was acquired in August − fall in line with expectations to 592, against 616 at the end of the previous year.

And the group, which floated on the AIM market last July and includes more than a dozen branches in East Anglia, added that retail sales for the two weeks to January 5 were 2.8% up on the previous year, including 21.8% growth for Wine Rack.

Chief executive Diana Hunter said “We are pleased to announce our first half year results as a listed company in what has been a period of considerable change for the business.”

She continued: “As anticipated store numbers and therefore revenues have reduced in the first half of this financial year; this reduction is in line with our expectations and is consistent with our aim of improving the quality of our store estate.

“Work is underway to build a strong pipeline of new stores in higher quality locations for both Bargain Booze and Wine Rack and convert this pipeline to drive sales growth in future years.”

And she added: “Our focus over this Christmas trading period has been to drive profitable sales for our franchisees and Conviviality. Performance in the two weeks to January 5 delivered strong like-for-like retail sales growth of 2.8%.

”The average sales per store increased year on year by 5.7% an encouraging indicator of the improving quality of the store estate.”

shares

0 comments

A male cyclist has suffered a serious leg injury after being involved in a collision with a car in Ipswich this evening.

Poilce investigation work at the scene of the accident on the A12 at Martlesham Heath.

A toddler is fighting for their life in hospital after they were involved in a two-vehicle crash.

Wymondham Police Investigation Centre (PIC)

An Ipswich man has been charged with murder following a stabbing in Great Yarmouth.

The scene in Back Hamlet, Ipswich

Back Hamlet in Ipswich has reopened after what was described as an “unexploded grenade” was found.

Comedian Stewart Francis

“Nine of diamonds. Sorry, my mind is playing tricks with me.”

A model of Hogwarts Castle used in the filming of the Harry Potter films. Photo: Andrew Matthews/PA Wire

Suffolk has featured in various films and TV shows over the years – but often it is well hidden or shown only briefly.

Sir Bob Russell meets with Paul Geater.

A fortnight ago in my column I was discussing the importance (or not) of car parking prices in attracting visitors to a town for a shopping trip or general day out.

The A12 as it approaches the Copdock roundabout.

One lane is blocked on the A12 at Copdock after a multi-vehicle crash.

Ipswich Park and Ride. Martlesham.

Hopes are rising that the park and ride service will be saved after talks between Suffolk County Council and the Ipswich Vision board.

Lydia Sophie Eileen, who was born at 24 weeks and 6 days.

When Ipswich mum Maxine Steward when into labour 15 weeks early, she feared the worst for her baby girl.

Most read

Most commented

HOT JOBS

Show Job Lists

Topic pages

Streetlife

Great British Life

Great British Life
MyDate24 MyPhotos24