Southern Co-operative reports increase in sales and profits
The Southern Co-operative has reported that its annual sales rose by 7.8% to £327 million in the year to January 2014.
Trading profits increased by 8.1% with EBITDA rising to £22.6 million. Since 2010 sales have grown by 34% with EBITDA profits up by 46% in the same period.
The society opened 26 new food stores and funeral homes during the last year to take the total to over 250. It is also investing in a new retail system as it looks to offer customer access to better ranges that are more tailored to local demand.
Chief executive Mark Smith is predicting that the share of profits to be paid to members and staff this year will be 2p in every £1.
He added: "These positive results provide a strong foundation for further growth. Our exciting new strategic plan 'Our Plan 2014 -2016' builds on this success and consolidates our business, environmental and wider social goals. Our 4,000 plus colleagues who deliver to our customers every day are key to achieving our ongoing success as an independent and sustainable business."
Earlier this month, the Heart of England Co-operative Society announced that gross sales rose by 2.3% to a record £95.4 million in the year to 25 January 2014.
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