Sheffield makes it three in a row

SHEFFIELD Co-op has announced record profits for the third year running. The society achieved a trading surplus of &#163 3,396,000 ? an increase of 20.63 per cent on...

SHEFFIELD Co-op has announced record profits for the third year running.
The society achieved a trading surplus of &#163 3,396,000 ? an increase of 20.63 per cent on the previous year. Total turnover also increased by 14.32 per cent against last year, at &#163 84.117 million.
Staff bonuses added up to &#163 480,000, while &#163 560,000 has been paid out in members&#039 benefits.
Continuing its policy of refurbishment throughout the society&#039s trading units, &#163 4.477 million was invested in the financial year, bringing the total capital invested over the last five years to &#163 28 million.
The society&#039s acquisition programme is continuing with &#163 1.2 million allocated for three new trading units being purchased over the coming year.
All records within the food division were broken with a sales increase of 20 per cent. All other trading divisions increased sales and profit, with the exception of non-food, though the society&#039s decision to join the non-food unit of the Co-operative Retail Trading Group is expected to increase future profits.
Mike Howarth, Sheffield Co-op&#039s Chief Executive, told the News: "A lot of hard work has brought excellent results and a big thank you must go out to all staff and our loyal customers.
"It is pleasing to see that our positive approach both in terms of expansion through our continuing acquisition strategy, along with our ongoing commitment to refurbishments and business development have helped in producing record sales and profit for the third year in succession.
"We are excited about the coming year and aim for continued growth in all areas of our business."

In this article


Join the Conversation