Scotmid, the Scottish co-operative society, stated that it produced a “solid result” for the year to 25 January 2025 despite challenging operating conditions and economic headwinds.
The group’s like-for-like trading profit was £4.3m, in line with the prior year, on turnover up 1.1% to £429.4m
While energy prices and overall inflation eased off during the year, Scotmid noted that its retail divisions still faced the effects of the cost-of-living crisis, low consumer confidence, and a wet summer in Scotland. Increases in labour costs, wastage, new member-pricing discounts, and other market inflation also impacted its Food division. “Low consumer confidence due to the cost-of-living crisis required careful management of margin targets and volumes,” Scotmid said.
Meanwhile, the group stated that its health & beauty and household goods chain Semichem was particularly impacted by reduced footfall on high streets and in shopping centres, making for a tough year despite a good Christmas.
Chief Executive Karen Scott concluded: “2024/25 was another year of challenge with many market and economic factors presenting headwinds for our society, customers and members. This resulted in reduced consumer confidence with knock on effects on footfall and propensity to spend in-store. However, Scotmid again rose to the challenge, delivering a trading profit in line with last year and an increase in net assets, despite the tough trading conditions and cost increases.
“The Society continues to have a solid foundation in our balance sheet and a fantastic cohort of colleagues who remain steadfast in driving Scotmid forward to allow us to continue to fulfil our core purpose as we have done for the last 165 years.”
