Dike & Son has reported a dip in full-year profits after the Nisa retailer was forced to increase promotions to compete against the multiples.
Pre-tax profits fell 13.7% to £249,706 on sales up 7% to £7.2m in the year to 29 February, according to accounts at Companies House.
“These figures are hugely encouraging, especially due to the fact that throughout the whole year we have witnessed all the major supermarkets revert to ferocious, heavy, cut-throat discounting in major attempts to drive their own customer footfall and spend. Their advertising campaigns have been absolutely relentless,” said owner Andy Dike.
“We have had to concentrate on running even more promotions in order to remain and be perceived as being competitive,” he added.
“Competition remains extremely tough but the trends bode well for us as a fiercely proud independent retailer and it remains true that local shopping appears to be ever more important to customers as they seek to waste less, drive less because of increased fuel costs and moderate expenditure,” Dike said.