Nisa Retail, the specialist delivered wholesaler and convenience retail expert, today (July 1) reported its full-year results for the 53 weeks ended April 3, 2016.
Sales for the period were £1,309m, 1.9% lower than FY15 (3.8% if adjusting for week 53), but 2.3% higher when adjusting for the loss of Costcutter (and week 53).
Fresh sales were up 6.0% to £210m, Nisa Heritage sales up 7.9% to £119m, and 476 new member stores were recruited.
Margin performance was improved by £3.8m while growing member numbers, distribution costs per case reduced by 3.2% and overhead costs reduced by 12.3%.
Adjusted earnings (before interest, tax, depreciation, exceptional items and employee bonus) were £7.3m (target was £7.2m; FY15 was a loss of £2.9m). Underlying profit was £0.6m (compared to FY15: loss of £5.4m)
Nisa Retail CEO Nick Read said that weekly sales to week 12 of FY17 had been tracking 3.5% better than last year, adding that rebates of £3.1m, withheld during the year, now fully released to members.
“It has been a challenging, but ultimately pleasing year for Nisa,” he added. “The business experienced the biggest swing in profit in its 39 year history as we sought to stabilise the company, address historical issues and lay the foundations to return to profitable growth and build for it a sustainable business model. Nisa is now very much back on an upward curve, with the business having already seen a 3.5% increase in weekly sales in the first 12 weeks of FY17, and we are extremely positive about our future.”