Midcounties Co-operative Society and Plymouth & South West Co-operative Society are celebrating stellar half-year results thanks to strong food sales.
Midcounties Co-op said food sales in the 26 weeks to 26 July rose 10.7% to £237.7m. Overall sales rose 8% to £379m during the period, with trading profit up a record 61% to £10m.
“We are very pleased with these half-year figures. However we are very aware of the challenges that lie ahead,” said CEO Ben Reid. “Our customers are suffering from the dramatic increase in energy costs and from the credit crunch and are tightening their belts. We, like all retailers, are facing increases in operational costs.”
Plymouth & South West Co-op claimed its like-for-like sales rose 5.7% during the period, with trading profit up from £424,000 last year to £3.8m.
“While the credit crunch is affecting our non-food businesses, our strength in community food retailing balances out any negative financial impact,” said CEO Douglas Fletcher. “Our convenience stores are unique in that they offer everything for local people to do a full weekly shop, including superb offers, without having to take the car.”
“We are very pleased with these half-year figures. However we are very aware of the challenges that lie ahead,” said CEO Ben Reid. “Our customers are suffering from the dramatic increase in energy costs and from the credit crunch and are tightening their belts. We, like all retailers, are facing increases in operational costs.”
Plymouth & South West Co-op claimed its like-for-like sales rose 5.7% during the period, with trading profit up from £424,000 last year to £3.8m.
“While the credit crunch is affecting our non-food businesses, our strength in community food retailing balances out any negative financial impact,” said CEO Douglas Fletcher. “Our convenience stores are unique in that they offer everything for local people to do a full weekly shop, including superb offers, without having to take the car.”
No comments yet