Nisa recorded a £377million sales haul at the start of 2018 thanks to new supply deals following the collapse of groceries wholesaler Palmer & Harvey.
The company's financial report also attributed the 26.1 per cent sales growth to new member recruitment, combined with investment in price, promotions, consumer leaflet development, as well as their own label range.
Like-for-like sales fell 1.1 per cent on this time last year, but they helped recruit 1,039 new stores as a result of their competitor Palmer and Harvey going into administration at the end of 2017.
Their report said their strong performance was “significantly” aided by a rapid increase in the number of new stores served in the quarter, notching up £78m more in total sales on this time last year.
Arnu Misra, interim CEO of Nisa Retail Limited, commented: “Following a very strong Christmas period, our sales and recruitment numbers have continued to perform strongly, giving Nisa positive momentum as we enter our new financial year.
“I am also pleased to report that during a quarter of increased stores growth, we were able to generate cash without significantly impacting service to our existing members. Nevertheless, market conditions continue to be extremely challenging, and Nisa remains focused on ensuring its members are best placed to serve their customers and communities for the long term.”
Nisa said its core business attracted a further 76 new store which was below its normal recruitment levels. They blamed the dip on prospective members waiting for the Competition & Markets Authority to make its decision on the acquisition of Nisa by the Co-op, agreed by shareholders in November last year.
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