Midlands Co-operative Society is injecting £40m into the business in the coming year, which will partly finance two supermarket openings in Eccleshall, Staffordshire and Kibworth Beauchamp, Leicestershire.
The society, which operates more than 150 food stores, said it spent £24m on new stores, 11 refurbishments, acquisitions and new business in the last year.
Chief executive Willie Tucker said the most significant event in 2003 had been the relaunch of its dividend card discount: “The high was the reintroduction of dividend to 115,000 members who share the society’s success.”
The organisation reported full-
year pre-tax profit of £15.3m on sales of £546m. Like for-like sales in the food division grew 4.5%.
Tucker added: “2003 has been a year of real progress in more than pure financial terms. Highlights include the integration of 30 Alldays stores into our food retailing portfolio.”