Scotmid turnover up to £376m; profit slips to £5.3m

Scotmid Co-operative said it made a trading profit of £5.3 million for the year ended January 28 – down from £5.7 million in same period last year — on turnover up £6 million to £376 million.

Scotmid said the past year had seen the society deal with a period of “unprecedented uncertainty, significant cost increases from the National Living Wage and a lacklustre retail market.”

John Brodie, Chief Executive of Scotmid Co-operative said: “Scotmid’s food convenience stores tackled this challenge by adapting to changing customer requirements, driven by the popular food-to-go lines and excellent local products.

“Semichem continued to find itself operating in a difficult retail landscape with increased competition impacting on day-to-day sales and pressure on the cost of goods from the weaker pound.

“In Northern Ireland, however, many of the stores experienced strong sales growth driven by prestige fragrance and assisted by the currency devaluation.

“Scotmid Property enjoyed a very positive year thanks to domestic property rental income growth driven by investment and specifically a successful lease renewal of one of the society’s main commercial properties.

“Heading into its 90th year, Scotmid Funerals continued to grow and respond to increased local competition …”