Overcast

Overcast

max temp: 16°C

min temp: 12°C

ESTD 1874 Search

The pigs are coming. Find out more about

Pigs Gone Wild

here.

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.

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.”

0 comments

A new Volkswagen car in a compound in Sheerness, Kent, as the company saw profits tumble by nearly a fifth at the start of 2016 as it continued to grapple with the fall-out from its global emissions scandal.

Volkswagen saw profits tumble by nearly a fifth at the start of 2016 as it continued to grapple with the fall-out from its global emissions scandal.

File photo dated 26/04/16 of a man carrying an Austin Reed bag, as the chain is to close 120 stores, resulting in the loss of approximately 1,000 jobs, administrators have said. PRESS ASSOCIATION Photo. Issue date: Tuesday May 31, 2016. See PA story CITY AustinReed. Photo credit should read: Philip Toscano/PA Wire

Austin Reed will close 120 stores after administrators to the collapsed menswear retailer failed to find a buyer for the entire business, resulting in the loss of approximately 1,000 jobs.

Bernie Aldous (middle) with his award.

Bernie Aldous, Anglia regional representative council member and past president of the Insurance Institute of Cambridge, has picked up an award for distinguished service at the Chartered Insurance Institute’s (CII) annual Network Conference.

Alan Pain, UK Trade & Investment's regional director for the East of England.

An export drive will be getting into gear at the Suffolk Show tomorrow as part of a nationwide tour.

The Teapot at Mcginty's Ipswich. Junk Food cafe run by Mischa Pearson and voulnteers.
Pictured Sarah sharlott, kath gosling, mischa Pearson, Adam Ferguson, Anna engstrom

An award-winning pay-what-you-feel cafe which supports dozens of homeless and vulnerable people in Ipswich has been given just three weeks to find a new base.

Most read

Great Days Out

cover

Click here to view
the Great Days Out
supplement

View

Most commented

HOT JOBS

Show Job Lists

Streetlife

Newsletter Sign Up

Great British Life

Great British Life
MyDate24 MyPhotos24