NISA Retail, the specialist delivered wholesaler and convenience retailer, today (April 14) announced a “positive” Quarter 4 trading period for the 14 weeks to 3rd April 2016. Sales were £327.5m, up 4.9% on the same period in 2015 – this was in spite of sales deflation of 1.8%, the company said.
NISA said the improved performance was “aided significantly by an improving offer along with an increasing number of new store openings during those months”. In the fourth quarter, NISA recruited 111 new stores, including 41 in the symbol group and 70 across Independent & Specialist.
NISA’s turnaround strategy, which started following the appointment of Nick Read as CEO in February 2015, has led to an improvement in performance, driven by sales and volume growth, an enhanced trading margin, better distribution efficiencies and a successful reduction of overhead costs.
In October 2015 the business also secured a new two year banking facility, providing an increased level of finance to support the company’s growth plans.
Robin Brown, CFO of Nisa Retail Limited, said: “2015/16 was a challenging year as the new executive team, strongly supported by all employees, focused on stabilising Nisa while restoring confidence and profitability to the business. Considerable credit is also due to our Members for remaining loyal throughout the year. Our retail teams have enjoyed a positive year of recruitment, boosted by a pleasing fourth quarter, which is testament to the faith members place in the long term future of Nisa’s mutual model and its unrivalled offer, making Nisa the partner of choice for independent retailers.”