Lincolnshire Co-op has released its annual results for the 53 weeks to 7 September, with total sales up 5.6% to £347m and a trading surplus of £15.5m.
The surplus is above budget and in line with expectations, says the retail society, although it is down £2.2m “from last year’s exceptional result”.
Dividend card holders are set to benefit from a bonus of £1.9m, pending a vote at the society’s members’ meetings this month. If approved, it will follow a £2.2m dividend already collected this year.
The society hailed “a record performance”, with the growing trend for convenience shopping growing customer numbers and sales up 8.4% to £208m.
A ‘reduced to sell’ policy in food stores – which sees goods past their ‘best before’ date kept on sale at a significantly lower price – led to a 37% reduction in food waste, it added.
Sales of Love Local products, sourced from business in the society’s trading area, went up by 16% – which it says is worth £3.8m to the local economy.
The report said the society has invested in training and consultation rooms at its pharmacy division, and “increased numbers of patients are taking advantage of community health services”. The teams carried out 13,623 Medicines Use Reviews, an increase of 13%; administered 63% more flu vaccines – a total of 7,982; and engaged with 4,237 patients through the New Medicine Service.
More than 5.7million prescriptions were dispensed, up 46% in a static market.
In the travel division, sales of big ticket holidays, like cruises or long-haul breaks, remained steady and more people holidayed in the UK this year.
The funerals team continued to expand its range of services, such as environmentally friendly coffins and simple funerals, with 1,339 funeral plans sold this year.
Lincolnshire Co-op uses local firms where possible on property schemes and to build and maintain trading outlets and spent £16m with businesses from the area during the 12 months.
Investment included a major renovation of Whaplode Food Store and Filling Station, a new funeral home in Scunthorpe, new food stores in Scawby and Lincoln’s Sincil Street, plus a new combined food store and pharmacy on Newark Road in North Hykeham.
Major property schemes led by Lincolnshire Co-op also moved forward, with new tenants opening in Lincoln’s Cornhill Quarter and work beginning on the second phase of the Lincoln Science and Innovation Park.
Colleagues working at Lincolnshire Co-op were rewarded with a profit share bonus totalling the equivalent of an extra week’s wage, the society adds.
And its Community Champions scheme raised £582,591 for 237 local groups including air ambulances, environmental charities and organisations tackling financial exclusion.
Chief executive Ursula Lidbetter said: “This year, we’ve achieved strong sales and successfully navigated a difficult trading climate. Our quality offer and business strength mean we can continue to progress during tough times, while still building for the long-term and preparing for future challenges.
“Our positive performance means we can play our part to make life better in our communities, whether it’s our members who share in dividend, the charities we support, the local producers whose goods we sell or the local firms we employ to build and maintain our services.”
