27 April 1998
CWS retail business struggles
THE Co-operative Wholesale Society is struggling to make headway with its retailing business.
Sales for the year are slightly down at £1.6 billion from £1.62bn. Profits fell from £37m to £32m.
The company said it was holding its own in a “ferociously competitive environment”. This is the third successive year of falling sales for the CWS retailing business compared with average growth rates for the industry of between 3% and 4%.
The weak results from the retail business were offset by stronger profits from other parts of the organisation. Overall, profits rose to £92m, against £68m last time, on sales up from £3bn to £3.1bn.
- The Times 27/04/98 page 49
- The Independent 27/04/98 page 19
- Financial Times 27/04/98 page 24
- The Daily Telegraph 27/04/98 page 27