Community retailer Lincolnshire Co-op has had a positive year of trading, with growth of 6.1%, bringing the society’s sales turnover (excluding VAT) to £375.6m.
It adds that the financial year to 7 September saw strong performances from food stores, with sales up 8.8%. The society’s bakery, Gadsby’s, also recorded strong sales, up by 6.4%. Post Offices saw growth of 10.5% and travel branches sales grew by 9.7%.
Significant increases in costs have affected the society’s trading surplus, bringing it down by 10.5%. In addition, high energy costs continue to have an impact, with a bill of £6.2m this financial year. Personnel costs have risen too, by £5.7m, due to the impact of the National Living Wage.
Despite these factors, the surplus remained healthy at £10.8m and the society was able to share a profit share bonus with its team of almost 3,000 colleagues. Plans for the future include an ambitious food store growth programme, with the aim of opening 30 new outlets over the next three years.
Alison Hands, CEO (pictured), said: “There’s no doubt the retail environment is tough and will remain difficult over the coming year, especially in view of increasing costs. We’re investing in growth programmes to help mitigate those, including a pipeline of new stores because our food business is a key driver for success.”
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