The Midcounties Co-operative has announced a 19% year-on-year increase in trading profit for the 12 months to January 23, 2010. Gross sales also grew 5.2% to £787m from the previous period’s figure of £748m. Food retail had a 7.3% like-for-like growth over the year.
Chief executive Ben Reid attributed the growth to the group’s community-driven mentality. “Our method of putting the wider interests of members and the community at its heart is increasingly hitting home with customers,” he said. “We believe the improved performance is directly related to the shift in the public’s view of organisations like co-operatives, whose business model is based mutuality.”
The group also grew over the year by investing £25.9m on acquiring new sites and refitting existing stores. Reid added that the makeover has gone down well with customers. “The relaunch of our brand, reinforcing our core values, could not have come at a better time and customers have responded,” he said.