The Midcounties Co-operative has posted record profits for the past 12 months – and identified a lack of public trust in rival retailers as a factor.
Operating profits rose 19% to £19.3m, with like-for-like food sales at the UK’s second-largest independent co-operative up 7% for the period.
“We believe the improved performance is directly related to the shift in the public’s view of organisations like co-operatives, whose business model is based on mutuality,” said Midcounties chief executive Ben Reid.
“Trust in so many organisations has been eroded over the last 12 months and there is a clear desire to support those which have not disappointed,” he added.
“The Co-operative and its business model is just such an organisation. The relaunch of our brand, reinforcing our core values, could not have come at a better time and customers have responded.”
Midcounties Co-op swoops for ex-Somerfield stores (7 July 2009)
Wind of change (analysis on The Co-operative Group; 7 March 2009)