The resurgence of the co-operative movement continued this week, with Midcounties Co-op, the UK's second-largest co-op, reporting record-breaking full-year profits.
Midcounties' trading profits for the year to January rose 35% to £16.2m, with total sales up 5.1% to £748m, boosted by a 7.2% hike in sales in food stores.
The co-op's business model appealed to shoppers, said CEO Ben Reid. "Consumers are recognising the underlying values of the co-op movement," he said. "This is attractive to many people who have experienced first-hand the damage a system that
rewards personal greed at the expense of the common good can do."
Green initiatives including cutting waste, promoting recycling and saving energy had helped the society lower its carbon emissions from 6.2 tonnes per £1m of turnover to 2.9 tonnes during the year, Reid added. More than £158,000 of its profits had also been returned to community projects.
"No one is in any doubt that the next year is going to present us all with real challenges," Reid said. "Midcounties is in good shape to face these challenges head on."
Midcounties' trading profits for the year to January rose 35% to £16.2m, with total sales up 5.1% to £748m, boosted by a 7.2% hike in sales in food stores.
The co-op's business model appealed to shoppers, said CEO Ben Reid. "Consumers are recognising the underlying values of the co-op movement," he said. "This is attractive to many people who have experienced first-hand the damage a system that
rewards personal greed at the expense of the common good can do."
Green initiatives including cutting waste, promoting recycling and saving energy had helped the society lower its carbon emissions from 6.2 tonnes per £1m of turnover to 2.9 tonnes during the year, Reid added. More than £158,000 of its profits had also been returned to community projects.
"No one is in any doubt that the next year is going to present us all with real challenges," Reid said. "Midcounties is in good shape to face these challenges head on."
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