Conviviality to beat full-year targets

BARGAIN Booze’s parent company Conviviality Retail expects full-year earnings to beat expectations.

In a pre-close trading statement, the Crewe-based group said like-for-like sales at Bargain Booze was flat, but average sales per store increased by 3.2%, “reflecting an improvement in the quality of the portfolio”.

Like-for-like retail sales over six weeks to April 27 increased by 2.2% for Bargain Booze stores and 6.5% for Wine Rack stores.

The group acquired Wine Rack in September and completed a £1.7m deal for 26 Rhythm and Booze shops from Bibby Retail Services yesterday.

It said: “The business continues to benefit from positive cash flow and had a net cash balance of £9.7m as at April 27.”

Chief financial officer Julie Wirth is leaving the company “due to personal reasons” and is being replaced by Andrew Humpreys of Direct Wine.