Conviviality Retail follows strong half-year performance with fizzing Christmas sales
Bargain Booze owner Conviviality Retail has announced that pre-tax profits grew 47% to £3.2 million during the six months to October 26, 2014.
It also revealed in its half-year results that revenue dipped fractionally to £183 million, but average revenue per store per week was up 0.7% as underperforming stores were closed.
The group, which also trades under the Wine Rack, Thorougoods and BB’s Warehouse fascias, followed it up with a strong Christmas performance.
It reported that sales grew 2.6% in the fortnight to January 4, 2015, compared to the previous year.
Like-for-like franchise retail sales were up 1.2% during the two-week period.
Chief executive Diana Hunter said: “I am pleased with our first half year results which are in line with our expectations in a highly competitive market.
“Despite closures of underperforming stores in the period and the integration of the Rhythm and Booze units, sales have been maintained and store numbers have started to grow as we open higher quality outlets.
“This has led to increased profits for both the Company and its Franchisees. We now have a solid platform from which to accelerate Franchisee growth, our pilot with Scotmid demonstrates the potential for Bargain Booze to expand throughout the UK, and with our strong balance sheet we have the ability to exploit growth opportunities as they arise.
“I am confident in the progress we have made and I would like to thank our Franchisees, Employees and Suppliers for their commitment and the important part they all play in achieving these results.”