Half Year Trading Update and Appointment of Interim CEO
Strong 1st Half Trading Performance
Scunthorpe, 6 October 2017 - Nisa Retail,the delivered wholesaler and convenience retail specialist, is pleased to announce a positive H1 trading period for the 26 weeks to 1 October 2017.
- Strong H1 performance with total sales of £728m, +12.4% on last year.
- Strong non-tobacco sales of £505m, +0.8% on a like for like basis, with tobacco sales falling 2.7%, better than the wider market. Our core retail trade showed like for likes of +1.9%.
- Sales driven by strong growth in new stores and new Member recruitment, with 409* new stores in H1, compared to 188 last year with net new at +284 (last year -110).
The strong performance was aided by new business wins, driven by both existing Members expanding their estates and significant new Member recruitment. The strong Member recruitment reflected continued investment in our offer, a good return from marketing initiatives, and Nisa’s award winning own label range.
Appointment of interim CEO
Further to the succession planning announcement of 29 September, Nisa is pleased to announce that Arnu Misra has been appointed interim CEO.
Arnu has been an Independent Non-Executive Director at Nisa since November 2016. He is a highly-experienced retail executive, having held significant senior executive roles at Matalan, Asda, and Loblaw’s in Canada. He also spent six years as CEO of private equity backed Cannons Health, doubling its membership base before selling to Nuffield Health.
Arnu has a strong track record developing value for stakeholders and is highly experienced working with low cost business operating models.
He takes over the role from Nick Read, who joined in December 2014 with a remit to stabilise and set out a future strategic direction for the Company and its Members.
Commenting on the half year results and interim CEO announcement, Nisa Chairman Peter Hartley said: “I am pleased to report strong trading in the first six months of the year. We have continued to serve our existing Members well, and as a result new Member recruitment has shown significant gains. We are delighted to have Arnu as interim CEO; he has a wealth of retail experience and is ideally placed to lead Nisa as we seek to optimise the service, benefits and opportunities we can bring our Members.”
Arnu Misra, interim CEO of Nisa, commented: “I am pleased to be leading Nisa at a time of great change for the convenience sector as top-up shopping continues to increase. I have spent many years working in the retail industry and am looking forward to drawing on this experience to provide Nisa Members with an exceptional value proposition that delivers for their customers. I am pleased to see strong new Member recruitment in our H1 numbers and look forward to a busy final quarter, as the important festive trading seasons draws near.”
*210 from the continued McColls Retail Group roll out