Scotmid Co-operative Society has posted a £24m increase in full-year sales to £378m following its acquisition of Botterills Convenience Stores.
Although the society’s food convenience retail division delivered “solid profit growth”, overall operating profits fell 11% to £9.1m during the year due to the economic downturn and severe weather conditions.
“A change in economic conditions was experienced in our final quarter and although less of an issue than the general economy, the prolonged period of adverse winter weather was also a factor that impacted on all the society’s trading businesses,” said chief executive John Brodie.
He added “a strong note of caution” over the society’s likely performance in the coming 12 months.
“Prospects for growth in the year ahead will be constrained by the continuing uncertainties in the general market, together with the increase in VAT,” Brodie warned.
Scotmid slaps its name on first Botterills (12 March 2011)
Top 50 Independent Retailers 2011 (26 February 2011)
Scotmid completes Botterills buyout (8 November 2010)