The Midlands Co-Operative Society has announced increased sales and trading profit in the first half of 2012.
Gross sales were up five per cent to £357.9 million and trading profit increased to £16.3 million from £16.2 million in 2011, in the 28 weeks ended August 11 2012.
The co-operative also opend four new shops and three funeral homes in that time.
Investment in the existing estate resulted in increased sales, the society said, but continued pressure on consumer spending, the growth of online shopping and the poor summer created challenging conditions for the society’s fashion and home stores.
The society remains in a very strong financial position, with a strategy in place and substantial funds available for development, it said.
Chief executive Martyn Cheatle said: “This hasn’t been achieved at the expense of our ethical principles and it is particularly pleasing to know that, at a time when many are feeling the pressure, our members, employees and communities all share in the society’s success through our ‘share of the profits’ dividend payments.
“We continue to invest for the future and, although forecasts indicate a slow and gradual improvement in the economy, the society is in a strong position to be able to continue further business development and growth in the future.”
