Strong Quarter 4 Trading Performance
Turnaround Gains Further Momentum
Scunthorpe, Lincolnshire, 14th April 2016 - Nisa Retail, the specialist delivered wholesaler and convenience retail expert, is pleased to announce a positive Quarter 4 trading period for the 14 weeks to 3rd April 2016.
Q4 trading: 14 weeks to 3.4.16
Sales Q4 = £327.5m
Volume in cases Q4 = £327.5m
Sales 13 week change * = + 4.9%
Volume in cases 13 week change * = + 5.8%
*Comparison is made between the 13 weeks to 27 March 2016 and the 13 weeks to 29 March 2015
** Excluding exceptional items
- Sales of £327.5m grow by 4.9% YOY despite sales deflation of 1.8%
- Nisa continues with its recovery, reversing the significant loss incurred last year over the same quarter.
- Profit growth reflects improved trading margin, distribution efficiencies and reduced overhead costs.
- New management team maintain full year EBITDA** expectations of £7.2m as turnaround gains momentum.
- Expected full year results mark significant milestone in stabilising the business.
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.”
Nisa supports independent retailers throughout the UK, with some retailers operating under the Nisa brand and others under their own. Nisa supplies the stock, a distribution service and retail support that
enables them to grow their businesses.