Strong half year results for The Co-operative
For Immediate Release
The Channel Islands Co-operative posts strong interim results
The Channel Islands Co-operative Society has announced a very strong trading performance for the first half of 2011. The co-op produced record results despite a tough, competitive environment and subdued economic activity. The figures are contained in the Society's Interim Report to Members which has just been released.
For the 24 weeks to the 26th of June this year the Society's turnover increased by £5.36 million - or 7.2% - compared with the same period last year. Equally importantly during a difficult economic period for many islanders is a significant increase in members' benefits [such as dividend] which total £3.89 million for the first half of the year. The pleasing increase in trade was undoubtedly helped somewhat by the phased closure of 5 former Checkers stores earlier this year while they rebranded as Waitrose. However turnover has continued to grow year on year since that process was completed which has been partly due to The Co-operative directly investing £1.65 million in promotional activity and price reductions. A long established policy of charging the same prices in all of our stores - superstore prices even in our local convenience shops has also resonated with customers.
Colin Macleod, Chief Executive of The Co-operative Society said "We are absolutely delighted with these results and it is down to the hard work and commitment of every colleague within the Society. It means we are on track to deliver a very pleasing set of annual results. However, we won't rest on our laurels and we fully expect a challenging second half of the year. The economy remains uncertain, GST has risen in Jersey and competition is stronger than ever."
It has been a busy period for the Society with the opening of Don Street in St Helier, the outline planning permission for the Leale's Yard development in Guernsey as well as numerous local and community initiatives such as Helping Hands - where £16,500 was given to 43 different charities - and Ecofund donations being given to worthwhile environmental projects in the islands.
The progress looks set to continue as the Society opens St Andrews En Route in Guernsey in November, complete with 3 petrol pumps and 11 car parking spaces. They also recently submitted a proposal for an extensive £15million redevelopment of its Charing Cross site in St Helier to revitalise and regenerate the existing buildings into modern retail and office spaces with basement parking.
Colin Macleod continued "Our intention is to carry on investing in our business and in the islands generally whilst returning the surplus to our loyal members. We take our responsibility as the local community retailer very seriously. We will keep on exploring potential new sites and developments and continue to support local producers. We expect to spend £12 million with local producers in 2011 which is far more than any of our competitors."
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