Heart of England Co-op grows full-year sales despite tougher retail climate
The Heart of England Co-operative Society has reported a 3.5% increase in its full-year like-for-like food sales despite what it describes as a tougher retail climate.
The Society, which operates 57 food, non-food and travel, and funeral outlets across Coventry, Warwickshire, Leicestershire and Northamptonshire, grew its gross sales by 2.3% to a record £95.4 million in the year to 25 January 2014.
Its net worth climbed to £41.6 million from £40.1 million in the previous year. Profits equated to 6.1% of turnover.
Chief executive Ali Kurji said: “Every year sees our retail climate getting tougher and tougher so I am delighted our Society managed to perform satisfactorily, with the food and funeral divisions performing well despite all the challenges.
“I believe this success is down to the policies implemented in recent years and which we continue to adopt to this day.”
The Society said the growth in food sales was partly due to continued investment in its store portfolio which has resulted in 30 out of 34 food stores being re-branded and refurbished to date.
Meanwhile, like-for-like non-food sales at the Society’s flagship home and living store in Rugby increased by 9.9% in the year.
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