The Southern Co-operativehas posted results for the 53 weeks to 30 January 2016 which show total income to have increased by 4.7% to £366.8m. Group profit also performed well against tough market conditions rising 4.4% to £4.8m.
Investment the key to unlocking growth
The Society, which has 250 community food stores and funeral operations in 11 counties across the South of England is putting the results down to recent investments such as the Freshwater store on the Isle of Wight. Commenting on the results Mark Smith, Chief Executive, said “These results reflect the continued hard work and commitment of all our colleagues. Our business has grown significantly following investment over recent years and we continue to grow, with £17m invested back into the business last year." commenting further on the food stores “In our food business, this investment enabled us to open 11 new stores, and to implement important changes to store layouts that will enable us to more accurately match our product ranges to the needs of local customers. Retail sales in the year grew by £14.5m to £346.3m while sales of locally sourced products, branded as Local Flavours and now stocked in 75% of our stores, increased by 10%. More generally like-for-like food sales strengthened during the year and were 3.1% higher in the final quarter.”
Develop the convenience offer
In the year ahead, Smith said the society will continue to focus investment on further developing its convenience food offer, including additional work on ranging and the opening of 20 new stores.
Co-operative to speak at Convenience Event
Hear more from members of the Co-operative senior team on how they intend to win within convenience at the IGD Convenience Retailing Summit in June. For more details and to sign up click here.