Shareholders of the Channel Islands Co-operative Society learned at the annual general meeting that turnover increased to £111.7 million, producing a surplus before distribution of £7.7 million.
And the board are in no doubt that their good fortune is due to the exodus of shoppers from Safeway, following its takeover last April by the CI Traders Group.
It was standing room only at the Co-op meeting on Tuesday evening as around 300 shoppers queued for parking spaces and seats in the Haute Vallée School theatre.
