15 May 2008


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Profits up 14% at Heart of England Co-op

The Heart of England Co-operative Society, which has branches across Coventry, Warwickshire and south Leicestershire, has reported trading profits up by more than 14%.

The society said it achieved a trading profit of £4m over the 12 months to 19 January 2008, a 14.2% increase on the previous year.

Annual turnover reached £77.6m, amounting to a 3.3% increase on a like-for-like basis.

Heat of England Co-operative chief executive Ali Kurji said: “We are delighted to have achieved record level of profits in what has been a particularly challenging year.

“In spite of intensely competitive trading conditions our society has been able to achieve satisfactory results in all of the trading divisions – Food, Non-Food, Travel and Funerals – leading to a trading profit of £4m.”

Kurji said the food division had been particularly successful, with a number of food stores recording double-digit increases in sales. Non-food reported a “satisfactory” trading result, up on last year.

Kurji said the society's success was largely down to the loyalty of its shoppers coupled with an ongoing programme of investment in store redevelopments.

A £670,000 revamp is due to start shortly at the Foodstore Lateshop in the village of Barwell, Leicestershire.

Ali Kurji

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