One Stop, the convenience store chain owned by Tesco, has reported a surge in sales to nearly £1.3bn during its latest financial year. The Walsall-based company posted a revenue of £1.29bn for the 12 months to 24 February, 2024, an increase from the previous year's £1.17bn.
The firm's pre-tax profit also saw a rise, from £15.4m to £22m, according to newly-filed accounts with Companies House. Over the course of the year, the number of stores directly operated by One Stop increased from 712 to 733, while its franchised locations also grew from 291 to 317, as reported by .
Revenue generated by One Stop's owned convenience stores reached £1bn, up from £984m, and sales from its franchise division rose from £187.2m to £217.2m. Despite these increases, the average number of people employed by One Stop over the year fell from 6,225 to 5,985.
A statement approved by the board read: "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."
These results follow Tesco's recent profit guidance increase after another strong trading period for the º£½ÇÊÓƵ's largest grocer. In October, Tesco raised its retail adjusted operating profit guidance to £2.9bn, up from £2.8bn, citing "delivered volume growth ahead of expectations."
The grocer reported a 3.5 per cent increase in ongoing sales for the 26 weeks ending 24 August 2024, marking the first half of its fiscal year. This is an increase from £30.4m in the first half of 2023 to £31.5m in 2024.
Statutory revenue saw a growth of 2.9 per cent, reaching £34.7m, while operating profit rose by 13 per cent to £1.6bn, "primarily driven by retail operations," according to the company.
In early November, Barclays finalised its £600m acquisition of Tesco's banking division.
