Channel Islands Co-op has posted trading profits of £5.8m for the 52 weeks to 8 January, slightly down from £6m the year before.
Turnover rose to £192.4m (previous year: £181.6m) and pre-tax profit was £1.3m (previous year: £6m loss). For the balance sheet, total equity is £164.1m (previous year: £177.6m).
Writing in the report, CEO Mark Cox said last year’s emphasis for the society was resilience. “Much of our focus has been on managing the challenges presented to us by external factors, including increased costs through inflation,
the cost-of-living crisis, and the ongoing war in Ukraine,” he wrote. “These factors coupled with local pressures of recruiting and retaining colleagues are creating very challenging trading conditions.”
But the co-op is innovating as it rebuilds from the pandemic, he added. “We strive to provide our members and customers increased choice, and to continue to offer convenience by expanding our retail estate through opening new stores like our Coop Five Oaks.”
The Five Oaks store, and an expansion to the range of products offered to islanders through ranges, such as Carrefour, contributed to increased turnover from the food business, which represents 82% of the society’s total, by 1.1% to £157.9m, although inflation was also a factor.
The society’s chain of seven pharmacies performed strongly with sales of £11.9m, while the funeral businesses, De Gruchy’s Funeral Care in Jersey and Argent Funeral Care in Guernsey, performed well, providing 447 services in the
year with a turnover of £2.1m compared to £1.8m in 2022.
Rental income from the investment property portfolio – which includes the Premier Inn at Charing Cross and Dunelm sites in Jersey – was £2.4m for 2022 an increase of 14%.
Membership stands at 128,269, slightly down from 129,249 the previous year.
The co-op remains true to its mission “to make a real difference to the communities we serve,” said Cox, highlighting £165,742 given to 240 local charities and causes across the islands.
Meanwhile, 72 charities were allowed to fundraise across our stores and the co-op provided a discount of £143,447 to the elderly community via the Sir David Kirsch voucher scheme.
“We have also taken great strides to lower our carbon footprint by removing single-use plastic bags from our stores and helping to significantly reduce food waste by removing best before dates on our own-brand products,” said Cox.