One Stop sales jump at Tesco-owned convenience store chain
Sales at convenience store chain One Stop, which is owned by Tesco, jumped to almost £1.3bn during its latest financial year.
The Walsall-headquartered business has posted a revenue of £1.29bn for the 12 months to 24 February, 2024, up from the £1.17bn it achieved in the prior year.
Newly-filed accounts with Companies House have also revealed that the firm’s pre-tax profit increase from £15.4m to £22m over the same period.
In the year the number of stores One Shop directly operates rose from 712 to 733 while its franchised locations also increased from 291 to 317.
One Stop generated a revenue of £1bn from its owned convenience stores, up from £984m while sales from its franchise division rose from £187.2m to £217.2m.
Despite the rise in sales and increase in store numbers, the average number of people employed by One Stop in the year fell from 6,225 to 5,985.
Tesco and One Stop enjoy sales and profit surge
A statement signed off by the board said: “The directors remain committed to building a business that helps independent retailers grow their business and develop the franchise model to benefit the franchisees and the company.”
The results for One Stop come after Tesco upped its profit guidance following another strong period of trading for the UK’s biggest grocer.
In October, Tesco increased its retail adjusted operating profit guidance to £2.9bn, from £2.8bn, after it “delivered volume growth ahead of expectations”.
Continuing sales at the grocer grew 3.5 per cent in the 26 weeks ended 24 August 2024, the first half of its fiscal year, up from £30.4m in the first half of 2023 to £31.5m in 2024.
Statutory revenue grew 2.9 per cent to £34.7m, while operating profit grew 13 per cent to £1.6bn, “primarily driven by retail operations,” the company said.
At the start of November, Barclays completed its £600m takeover of Tesco’s banking arm.