The Midlands Co-Operative Society has announced another rise in profits in its year end results to January.
The society added 18 new sites to its portfolio in the past year, resulting in an additional £75 million in turnover and 300 new jobs.
But the rise in online shopping and changing shopping habits hit the society’s fashion and home business, with it has decided to close this year.
Trading profit in continuing businesses was up 3.4 per cent to £24.3 million and payments to stakeholders is also up 7.9 per cent to £4.3 million.
Food retail, the society’s largest business, performed strongly helped by the introduction of a new sales based ordering system.
The year saw the opening of fifteen new food sites, including the acquisition of Shaws fuel forecourt and convenience business which included five sites extending the society’s trading area northward.
The society’s funeral business showed considerable growth and the opening of three new funeral homes including Bromsgrove.
Chief executive Martyn Cheatle, said: “We’ve also improved our sales and invested significantly in the future of our core businesses.
“Our latest annual staff attitude survey shows colleagues have a high level of engagement with our vision and recognition at a series of national industry awards illustrates our high operating standards which, together with our strategy, I believe places the society in a very strong position for continued success over the next year and beyond.”