MIDLANDS Co-op's end-of-year results (53 weeks to 28 January) reveal an increase in underlying sales of 2.8% to £ 680 million, but a £ 3 million drop in the society's trading profit.
The society say that, while this financial year saw the first real impact of the national slowdown in consumer spending and confidence – as well as an increase in new competition – its strategy of long-term investment in shops, services, people and systems has paid off by delaying some of the impact already experienced by other retailers.
In the past 12 months over £ 21 million has been invested in growth including two new stores in Birmingham, and Kibworth Beauchamp in Leicestershire plus a travel shop in Anstey, Leicestershire.
• Further details in the next issue of Co-op News, published 4th April.
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