Co-op celebrates trading results
COOP bosses are today celebrating “a robust first full year trading result”. The East of England Co-op has boosted trading profit by five per cent to more than £9 million in a year which has seen considerable retail expansion by the society across the region.
COOP bosses are today celebrating “a robust first full year trading result”.
The East of England Co-op has boosted trading profit by five per cent to more than £9 million in a year which has seen considerable retail expansion by the society across the region.
The results were announced this week at the society's annual members' meetings held in Ipswich, Norwich and Colchester.
Richard Samson, chief executive of the East of England Co-op, which has a number of branches in Ipswich, said: “This is a robust first full year trading result for East Anglia's biggest consumer co-op and good news for our 350,000 members and our customers.
“Our total sales exceeded £400 million, clearly showing that the co-op is a major retailer across the region.
“We intend to continue to update and expand our trading operations, to create a modern range of stores and services for our customers and it is particularly pleasing that we have been able to increase our profits in a challenging year.
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“We now employ well over 5,000 people and I would like to place on record my sincere thanks for the way in which my colleagues across the region have adapted to our new society and have continued to provide a first class service to our members and customers.”
Mr Samson added that as far as local communities are concerned, the co-op's membership base is to be extended along with its education activities and community dividend programme.
He said: “We anticipate announcing further innovative community initiatives in the coming months.”
New stores, acquisitions, refurbishments and extensions have each been a feature of the period under review as a £40 million development programme gathers pace.
In the first full financial year since the merger, which created the East of England Society, dividends to the value of £4m have been allocated for co-op members as their share of the society's profits.
n. Are you pleased to see the co-op doing so well? Write to Your Letters, Evening Star, 30 Lower Brook Street, Ipswich, IP4 1AN or email firstname.lastname@example.org
The East of England Co-operative Society has 220 trading outlets in 73 towns and villages, plus the three regional centres of Norwich, Ipswich and Colchester.