Scotmid has reported strong figures for the year-ending 31st January, with the independent co-operative’s turnover up £5m to £436m. Operating profit was £5.5m, up £1m on the previous year.
However, John Brodie, Chief Executive of Scotmid, sounded a note of caution, highlighting that Scottish consumer confidence, especially in food retail, remains low with disposable income reported to be at a 10 year low and the Scottish Retail Consortium reporting a decline in like-for-like sales of 2.6% for the 12 month period.
Brodie said: “These are a solid set of figures, helping to deliver a like for like sales performance which has been consistently ahead of the market.
It has been a year of tough decisions for the Society in a rapidly changing retail landscape. It has also been one where Scotmid has seen progress with its ‘Food’ vision, which Brodie said “has helped differentiate us from the competition with a real focus on concept bakery, local products and the introduction of a number of key value lines.”
Other parts of the business, including Semichem and funerals performed well, helping the overall performance.
Looking ahead, the Society is undertaking a series of surveys as part of an updated National Membership strategy aimed at engaging with its membership more effectively, and to encourage greater participation in the democratic process.
“Although this is a positive set of results it continues to be a challenging marketplace which requires us to innovate, work hard and, where necessary, take tough decisions,” concluded Brodie. “While remaining cautious and measured in our approach, the Society will continue to drive new initiatives and look for other potential areas for growth.”
