The Central England Co-op saw a slight fall its underlying profit during the first half of its 2019 financial year, although it managed to increase its sales in the face of a tough retail and economic environment.
Gross sales were up 1.6% to £484.6m over the period to mid August, although trading profit slipped from £12.9m to £11.4m.
The society attributed the sales uplift to the opening of four new food stores and an expanded travel shop network. It stressed that further investment in refits and new sites was planned for the second half of the year and into 2020 to add to its over 400 outlets that currently trade across 16 counties.
Debbie Robinson, the former SPAR UK boss who became Chief Executive of the Central England Co-op earlier this year, said: “In a challenging market, our gross sales increased and trading profit is in line with budget, reflecting a steady performance for the society in the face of a highly competitive retail environment and uncertain economic backdrop. In difficult times, I believe our co-operative difference will set us apart and see us thrive while others may flounder.”
Last week, the UK’s largest Co-op notched up its 22nd consecutive quarter of like-for-like sales growth despite the tough trading conditions and comparisons with a bumper period last year.
NAM Implication:
- Fingers crossed…
