Nisa posts strong trading figures

During 2020, the symbol group signed up 624 new stores, building on strong recruitment figures in 2019.

In its annual results, Co-op said: “We’ve seen significant sales growth for our Nisa partners, who’ve benefited from the broader range of products we’re able to supply them, particularly within the fresh categories.”

Nisa is currently overhauling its partner terms to make them “simpler and more rewarding of loyalty” and will continue to “add value” to partners through the newly-launched brand proposition, Fresh Thinking, which will provide partners with the “insight, tools, support and product innovation needed to grow their businesses”.

In its annual results, Co-op said its wholesale business achieved sales of £1.6bn, compared to £1.4bn in 2019.

The retailer reported revenue of £11.5bn for the 12-month period, with food sales growing 3.5% to £7.8bn. Its reported profit before tax was £127m, compared to £24m a year earlier.

During the pandemic, 56 new Co-op stores were opened, a further 105 were refitted, and 13 more were extended. In addition, its online offer expanded significantly during the year, with 800 Co-op Food stores now providing food to homes via delivery partners.

The retailer said it faced additional Covid costs during the year of £84m, including additional new members of staff, increased absence linked to the virus, an employee ‘Thank You’ reward, and the purchasing of personal protective equipment.

The board of the Co-op has decided to repay £15.5m of the money it received in government support during the Covid-19 pandemic. The money equates to the amount it claimed in furlough payments during 2020, which enabled the business to fully support its colleague workforce and keep 3,400 community-based food stores and funeral homes open.

In addition, Co-op boosted the pay of 33,000 employees during the 12-month period, investing £53m per year.

Steve Murrells, chief executive of the Co-op, said: “In 2020 we lived through a perfect storm, with every part of our lives turned upside down – socially and economically, mentally and physically.  Along the way we discovered much about our society, some of it brilliant and inspiring, and some of it quite ugly thanks to the unfairness and inequality Covid-19 has revealed and exacerbated.

“During the last few years, we’ve created a business that is truly focused on delivering clear value and benefits for our members, customers and their communities. All that work proved to be essential in giving us the ability to respond to the immediate and sustained demands which the pandemic brought with it. Our Vision, Co-operating for a Fairer World, was our guiding light throughout, and our response to Covid-19 demonstrated the power of co-operative enterprise and the relevance of co-operative values.”