Sales and profits rise after investment

Sales and profits at stores operated by the Central England Co-operative have risen.

The retailer says the increase over the last year has been achieved despite a background of tough competition.

Figures released by the Co-operative show gross sales rose by 2.5 per cent to £869.9million over the 12 months to January 26 this year.

Its trading profit increased by 4.4 per cent to £18.1 million.

The increase comes after the retailer invested in 16 new store openings plus more than 50 site refurbishments.

Chief executive Martyn Cheatle said: “The Society delivered another strong performance in 2018 despite trading conditions remaining highly competitive in all our markets.

“We remain confident in our strategy and our co-operative point of difference to deliver growth and provide a relevant and attractive proposition to our members, customers and local communities.”

Stakeholder groups of members, colleagues and communities benefited from the success of the Society’s performance by sharing in a £3.5m dividend pay-out.