Profits have tumbled at Scotmid Co-operative for the first half of the year.

The co-op blamed deteriorating economic conditions for a slump in trading profits from £4.2m last year to £2.6m for the latest period. It said “aggressive promotion and price-cutting activity by larger competitors” had also made the market tougher for its food retail business.

Group turnover for the period shot up by £32m to £210m thanks to its acquisition of Botterills Convenience Stores. It said integration of the new stores was making “excellent progress”.

“There is likely to be uncertainty for some time as the full austerity measures have not yet been implemented in Scotland,” the society warned in its latest trading statement.

“The ongoing focus on continuous improvement remains core to our approach and we will continue to explore long-term growth opportunities.”

Read more
Scotmid downbeat about year ahead despite Botterills injection (19 April 2011)
Scotmid slaps its name on first Botterills (12 March 2011)

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