The Central England Co-operative has revealed an increase in annual profit and sales despite the highly competitive trading conditions.
In the year to 26 January 2019, the society’s gross sales were up 2.5% to £869.9m with trading profit increasing 4.4% to £18.1m.
Central England Co-operative’s capital expenditure hit £28.7m as it continued the expansion of both its food and funeral divisions.
The retailer stated that it saw good performance in its food business, with increased sales across its convenience stores and strong trading during key seasonal events and as a result of last year’s good summer.
Ten new food stores were opened during the period, alongside work to refurbish a further 35 sites across the 16 counties in which the society trades.
Chief Executive Martyn Cheatle said: “The Society delivered another strong performance in 2018 despite trading conditions remaining highly competitive in 2018 in all of the markets in which the Society operates.
“We remain confident in our strategy and our co-operative point of difference to deliver growth and provide a relevant and attractive proposition to our members, customers and local communities.”
Cheatle steps down this month to be succeeded by Debbie Robinson, the former Managing Director of SPAR UK.
