BARGAIN Booze owner Conviviality Retail, which raised £64m in an Aim listing earlier this year, said yesterday its first half like-for-likes sales had crept up by 0.6 per cent.
The firm said the increase was mainly due to reducing the number of underperforming stores in its portfolio, and that it expected to continue to perform in line with market expectations ahead of full-year results next April. Conviviality also said the recent £1.7m acquisition of Wine Rack was going well, with a new store planned to open in West Byfleet later this week, and an updated website ready to cope with the busy Christmas period.
“Wine Rack has bedded in well and we are already seeing the benefits from this acquisition,” said chief executive Diana Hunter. “The board looks forward to further progress and growth across the business in the second half.”
City A.M. Reporter