Scottish convenience chain Morning Noon & Night is on track to report profits of more than £1m for the year to March 2004, chief executive Eddie Thompson said this week.
The Scottish convenience chain was in excellent shape, he said, as he announced sales were up 12.9% to £51.7m and 5.5% like-for-like sales for the year to March 26.
Thompson said he expected to report £1.5m operating profit in the next few weeks.That would work out at around £1m net profit.
MN& N had a target to open four or five new stores this financial year with a budget of £1.25m, Thompson said.
It had also ringfenced £250,000 to refurbish six stores over the year, he said. Stores will be given new internal imagery and improved displays.
Thompson said: “We see 10-15% sales uplift when we refurbish a store.”
He also reported Morning Noon & Night had rebuffed approaches as multiples continued to squeeze into the convenience market.
He said: “When the multiples call asking if I would like to meet for coffee I ask them if they want to sell any stores to me.
“That turns it on its head.”