Central England Co-op has reported a 46% rise in profits to £16.6m, buoyed by strong sales across its convenience store estate and long-term investment in food stores.
Sales increased to £848.3m for the year ending 27 January 2017, up by 0.6% from the previous financial year.
The firm opened seven new stores this year following a long-term investment plan and also refurbished 30 stores including three in Wooldale in West Yorkshire, after Wooldale Co-operative joined the society.
“We achieved a very encouraging and robust performance in 2017 from both a financial and non-financial perspective, underlining our strength as a modern, progressive, co-operative business,” said chief executive Martyn Cheatle.
“Trading conditions remained very challenging and highly competitive throughout the year in all markets in which the society operates.
“Our encouraging trading performance in 2017 demonstrated our resilience as a strong and successful independent co-operative business to compete in an intensely competitive environment.
“We remain confident in our strategy and our co-operative point of difference to deliver sustainable business growth and provide a relevant and attractive proposition for our members, customers and local communities.”
The Central England Co-op this week launched a behind the scenes film for members and customers showcasing the work of its Leicester-based distribution hub, which supplies over 200 of its stores.
Central England Co-operative has more than 400 trading outlets in 16 counties and employs 8,000 staff.
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