The Midcounties Co-operative has booked an increase in full-year profits boosted by an increase in food retail sales.
Operating profit in the 12-month period amounted to GBP20.9m (US$33m), a 15% increase on the prior-year period.
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The results included an “above industry average” 3.4% increase in like-for like-sales in food retailing, the firm’s core business – and a 6.7% increase in overall gross sales, bringing total sales to GBP788m.
“This achievement clearly marks us out from many other food retailers who have not been able to adapt as well to the current trading conditions,” said chief executive Ben Reid.
He added that Midcounties had “raised its game” by “turning the economic challenges” to its advantage and “significantly investing” in all of the businesses it operates.
