Regional retailer Midlands Co-operative Society has announced record trading profits of £18.9 million in its half year results.
Total sales stood at £512 million, with capital investment of £22.2 million and like for like growth of two per cent in the core food business in the six months to August 6.
The Lichfield-based group said: “The society’s retail food stores performed particularly strongly during the first half of the year, increasing both sales and profitability.
“Four new food stores were opened in the first half of 2011, with more store openings planned before the end of the year. Continued investment in the existing estate has seen the completion of 10 major store refurbishments and a further 40 stores converted to the Co-operative food format.
“The society is on target to have the majority of its 175 food stores converted to the Co-operative brand by the end of the year.”
Chief executive Martyn Cheatle said: “These are particularly challenging times for business so I am pleased to be able to report that Midlands Co-operative can announce another record performance.”
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