UK retailer The Midcounties Co-operative has booked an increase in first-half earnings but issued a warning on the “competitive” trading environment for the remainder of the year.
In the six months ended 27 July, operating profit was up 16% to GBP12m (US$19.4m), the retailer reported today (28 October).
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The independent co-operative, which operates 240 food stores in the UK, grew sales by 36% to GBP593m in the period after strong performances from its childcare, energy and travel trading groups.
Its food business increased sales by 8% to GBP310m across its stores and in “an increasingly competitive retail grocery sector”, it said. The growth was boosted by the contribution from six new stores acquired from the Harry Tuffins business in May last year.
“Looking ahead, we are encouraged by the recent positive indicators for the UK economy but expect that the markets in which we operate will continue to be highly competitive,” said chief executive Ben Reid.
“Our focus will be to build on our excellent performance in the first half of the year and further strengthen the society in our core markets through investment, the hard work and dedication of our colleagues and maintaining the core values that drive our co-operative approach to business.”
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