Scotmid Co-operative has delivered a £2m operating profit (for the 26 weeks ended 1st August 2015) against the background of retail sales decline reported by the Scottish Retail Consortium.
John Brodie, Chief Executive of Scotmid said it was a “good performance” given the poor early summer weather in Scotland and the challenging retail market.
“Our food convenience business continued the programme of differentiation, including bakery and local products and also made a significant investment in energy saving measures,” he added.
The Society is continuing to take tough decisions on loss-making stores, although a merger with Seaton Valley Co-operative will add to Scotmid’s membership in the Lakes & Dales region.
Brodie also highlighted an earlier than expected introduction of the Living Wage as a major challenge for 2016: “We will therefore accelerate efficiency and continuous improvement measures which will be required to ensure that the Society remains in a strong position, continuing to innovate, with a clear focus on delivering long-term sustainable effectiveness in everything we do.”
