Scotmid's profits rise despite 'challenging' market
Scotmid has reported that operating profit before exceptional items rose by £1 million to £5.5 million in the year to end January.
Turnover increased by £5 million to £436 million.
However, the food retailer added a note of caution and warned that Scottish consumer confidence remains low.
Scotmid chief executive John Brodie added: “These are a solid set of figures, helping to deliver a like-for-like sales performance which has been consistently ahead of the market.
“Throughout the year we have continued to take tough decisions and continued our programme of differentiation to help ensure sustainable profitability and growth going forward.
“The retail landscape continues to change rapidly as highlighted by announcements from all the major multiples to change strategies including decisions on store closures and future direction.”
The retailer said it had worked to differentiate itself from rivals in the last 12 months with a focus on concept bakery, local products and the introduction of a number of key value lines.
Brodie said: “Although this is a positive set of results, it continues to be a challenging marketplace which requires us to innovate, work hard and, where necessary, take tough decisions. While remaining cautious and measured in our approach, the Society will continue to drive new initiatives and look for other potential areas for growth.”
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