Nisa bosses have hailed a strong year as the convenience sector settled after the Covid rush.
The Scunthorpe-headquartered retail giant saw sales drop from a record £1.6 billion high in 2020 to £1.38 billion in 2021 - almost 14 per cent.
John McNeill, chief operating officer for The Co-operative Group-owned entity, said the loss of a major customer had impacted, but enthused about the £7.5 million return generated, down from £10.9 million in 2020, when it turned round a £9.4 million loss.
Read more: Six East Yorkshire village convenience stores to become Nisa outlets
It finished its financial year, which ended on January 2, just behind 2019’s £1.42 billion turnover, with the margin increasing from 11.5 per cent to 12.7 per cent.
In his strategic report accompanying the results, he said: “In 2021, the business experienced the roll off of a major customer in the early part of the year, as well as a Covid-19 sales reversal, compared to the 2020 record breaking turnover year.
“The business has delivered another strong profit in 2021, with marking improvements offsetting increased distribution costs.
“The gross margin improvement was driven by an improved sales mix, with lower sales of tobacco and licensed products, partly driven by the reversal of Corvid benefit enjoyed in 2020, as well as price rises and other margin initiatives.”
The year saw the 353 employees transfer to The Co-operative Group, following the 2018 acquisition of the 45-year-old firm, established by Dudley Ramsden and Peter Garvin to help independent retailers rival the major supermarkets.
As reported, immediately after the financial year in review closed, chief executive Ken Towle stepped down, moving west to Leeds to head up Asda’s huge supermarket portfolio as retail director.
Co-op chief commercial officer Michael Fletcher took the helm of the delivered wholesaler and symbol retail group, having led the acquisition back in 2018.
It works with more than 1,400 partners who operate almost 5,000 stores, from corner shops to forecourts and large destination outlets.
Read next:
Council go-ahead to pursue bid to buy Grimsby's Freshney Place as cinema operator named
Seafood sector relief as new border control post emerges amid government Brexit delay
Distillery cans award-winning King Edward vodka as a summer spritz
Premium retailer Booths marks 175th anniversary with a rare Yorkshire whisky
