East of England Co-operative society has reported a modest increase in LFL food sales and announced it is to re-brand its stores.
LFL food growth
The East of England Co-operative has reported sales fell by £11.6 million (-3.3%) to £335.1 million for the 52 week period ending 26 January 2013, with underlying trading profits down from £12.7 million to £9.7 million. The food business saw LFL growth of 0.7% with the retailer's forecourt business delivering a sales increase of £0.9million (5.3%). The funeral and travel businesses also delivered growth, with the drop in total sales being attributed to the loss of two major contracts from the retailer's distribution centre and lower prescription numbers and reduced funding from the NHS.
New look and feel
In a bid to grow its 400,000 membership, the retailer has announced it is to refresh the look and feel of its stores in an attempt to build appeal with younger shoppers. East of England Co-op is one of the few regional societies which have not adopted The Co-operative Group's The Co-operative fascia and is understood to be launching the new bright green fascia with white lettering over the summer.
Commenting on the results, Doug Field, executive officer - finance and technology said "Every penny of our turnover has been hard won during these tough times. Although we have seen a drop of £18.3m on last year, we only had 52 trading weeks compared to 53 in the last financial year. On a comparable 52-week basis our turnover dropped by a modest 3.3 percent, and there has been success stories across a number of our trading businesses"