Nisa boss Nick Read has credited the biggest annual swing in profit in the company’s history to taking on a much more disciplined approach to how it does business.
The symbol group’s end-of-year figures for the 2016 financial year revealed adjusted earnings of £7.3m, compared to losses of £2.9m for the year before.
Chief executive Mr Read attributed the success to a new approach to running the business.
“The company was pleased to achieve year end adjusted earnings £100,000 better than target – the biggest annual swing in profit in Nisa’s 39 year history,” he said.
“We have also secured the repayment of deferred rebates to Nisa members, resulting in £3.1m becoming available to the membership.
“The key to this success has been a much more disciplined approach to how we do business, coupled with the benefits from our investment in skills and capability across the organisation.”
The group also saw fresh sales rise by 6% to £210m and added 476 new member stores.
Mr Read said he is confident about the coming year, as Nisa had an impressive first quarter and would continue to focus on
pushing its own brand Heritage, sales of which rose 7.9% last year.
“Encouragingly, Nisa’s weekly sales through
quarter one have been ahead of budget and 3.5% ahead of where Nisa was in the same period last year, which points to the continuing success of our turnaround strategy,” he said.
“The business aims to make further strides in stock management, range and loss making account mitigation over the next year.”