Scotmid Co-operative has reported a fall in full-year operating profits despite a strong second half performance.
Profits at the mutual fell to ÂŁ6m in the year to January 26, 2013 compared to ÂŁ6.5m the previous year.
Total sales rose 0.3% to ÂŁ428m amid what the retailer described as an âextremely challenging marketâ.
Scotmid chief executive John Brodie said: âIn difficult economic conditions this is a positive result from Scotmid especially when we were faced with a reduction in the rate of Co-op Dividend [its supplier rebate] received, poor summer weather and increased pension costs in the year.
âA key strategic focus in the year was the investment in business improvements and process developments to enhance Scotmidâs long-term growth potential.â
The retailer said it will roll out a new âpremium fresh formatâ including an increase number of local suppliers, fresh products and an in-store bakery following a trial.
The business said its Fragrance House fascia had recorded positive like-for-like growth and had been âvery competitiveâ over Christmas despite heavy discounts from rivals.
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