Nisa has reported a 2.3% like-for-like annual sales increase to £691m for the first half of its financial year.
The rise was revealed in the Co-op’s financial results for the 26 weeks ending 1 July 2023. Describing the reason for the increase, Nisa managing director Peter Batt said: “We prioritised resetting our pricing and promotional strategy to ensure we continued to deliver great value for our retailers on the products that matter most, to allow them to remain competitive.
“In the first half of 2023, we invested heavily in lowering the wholesale price of thousands of branded products across all categories, and we’re pleased to see that since February and through to the end of H1, indications showed that volumes were increasing into H2.
“Along with our commitment last year to align our Co-op brand prices to ensure the recommended RRPs are indexed against Co-op base RRPs, this is all part of our strategy to support retailers and ensure we offer market-leading prices.”
The number of Nisa retailers buying Co-op own label in the six-month period grew from 91% of the total estate to 93.14%. The own label represented a fifth of total sales excluding tobacco.
Batt added: “Recruitment throughout H1 2023 remained strong, with 130 new stores added. This has included the recruitment of large multi-site retailers such as MPK Garages and major expansion plans with award-winning Greens Retail, as well as continued growth within our holiday park convenience store portfolio.”