Scotmid Co-operative Society has broken through the £10m profit barrier for the first time.
Scotland’s largest independent co-op notched up an 18% increase in profits to £10.2m in the year to 31 January. Sales rose by £21m to £354m.
The society’s food convenience business was the main driver of the strong performance, chief executive John Brodie said, as well as its expanding pharmacy business Semichem.
“Our Scotmid and Morning Noon & Night convenience business had a very successful year driving forward sales and profit despite a significant increase in Co-op supply chain costs,” Brodie said.
He added: “Despite these good results, there is no doubt 2010 will be a challenging year. We acknowledge the prospects for growth in 2010 may be constrained by the uncertainties in the market, the impact of the increase in VAT and the ongoing pressure on our costs.”
Tesco swoops for Scotmid’s largest store (9 April 2010)
Scotmid plans 10 perfume shops in 2010 (6 February 2010)