Ali Kurji, Chief Executive of the Heart of England Co-operative Society
HEART OF ENGLAND CO-OPERATIVE SOCIETY RECORDS INCREASE IN FOOD AND FUNERAL SALES
Friday, October 5, 2018
The tough trading environment, uncertainty in the market due to the slow progress in Brexit negotiations, and the falling value of the pound have failed to dent the performance of the Society which has recordeda 7.32 per cent increase in like-for-like sales in the 21-week period to June 16th.
Operating profit stands at almost £2.2 million, up by 6.7 per cent on the same period last year.
In the Food division, sales increased by 7.27 per cent over the 21 weeks. The increase came despite the continued stiff competition from both the national multiples and the discount chains.
The Society highlighted both its Meriden and Allesley stores for their contributions over the past six months, both having achieved performances above budget following their recent investments – Meriden with itsextension and Allesley with its refurbishment.
The Funeral Division recorded an increase of 7.62 per cent in like-for-like sales over the period.
During the first half of 2018 the Division conducted 48 funerals more than during the first half of 2017.
The Society’s net assets now stand at £42.4 million – an increase of 12.5 per cent over the same period in 2017.
Ali Kurji, Chief Executive of the Heart of England Co-operative Society, said: “The first half of the year has proved extremely challenging and there is little doubt that the second half of 2018 will be equallychallenging due to the competition in the market place and the impact and the uncertainties surrounding Brexit.
“Despite the difficult economic conditions the Society remains in a very sound and strong financial position.”
He added: “The Society has continued to operate with positive cash flow and the cash reserves will be utilised for profitable projects as and when required.”Back to newsline