Guernsey's Co-op performs better than Jersey's
- 16 May 2012
- From the section Jersey
Guernsey's Co-op food stores outperformed Jersey's last year, said the society's chief executive.
Colin Macleod claims Jersey's Goods and Services Tax had affected sales in Jersey stores.
He said Guernsey's food store turnover increased by 9% last year while Jersey's turnover rose by 2%.
He was speaking after the annual general meeting of the Jersey's Channel Islands Co-operative Society. Guernsey's branches will meet later.
At the meeting, the society reviewed its past year of trading and agreed the dividend it would pay out to shareholders.
Mr Macleod said he expected the dividend to remain at the same rate as last year.
He said: "All surplus profits made during the year are shared among our members in the form of a dividend and of course as a local retailer that money stays circulating around our island economy."
He said although times had been tough, Channel Islands trading was up 4.2% compared to 2010.
Last year Jersey's tax on goods and services rose from 3% to 5%.