T&S Stores, the retail group behind the 870-strong One Stop chain of convenience stores, said sales growth remained strong at 4% in 2001.
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Sales growth in the second half was even stronger, at 5%, said chief executive Kevein Threlfall, who added that the £20bn (US$28.5bn) market remains full of potential for growth. He also confirmed that T&S intends to carry on acquiring stores, taking advantage of the currently fragmented market for convenience stores, and the fact that growth in the sector is forecast to remain ahead of inflation.
The group will also spend significant sums on revamping about half of the One Stop stores over the coming three years.
One area of the T&S portfolio which has been downsized is the newsagent and high street discount shop division. Twenty stores in this division were sold this year, with overall stores numbers now down to 365 in line with the group’s declared strategy. Profits contributed by the division fell from £7.2m to £5.6 on turn down nearly £6m to £227.4m, Threlfall revealed.
Group pre-tax profits climbed 11% to £37.1m before exceptional items, on sales 5% ahead at £933.3m. Exceptional costs of £2.1m related primarily to the cost of integrating the Day & Nite chain.
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