Turnover of SPAR wholesaler and retailer CJ Lang & Son dipped by 1.3% to £183.1 million in the year to 30 April 2018, with underlying profit, before one-offs (stock provisions), down from £925,000 to £490,000.
CEO Colin McLean, who joined earlier this year from Scotmid, where he held a similar role, said: “The 2017-18 financial year results were mostly in line with expectations during a tough period for retail and wholesale as we continued to meet the changing customer needs within convenience retailing.
“This requires, and will continue to require, the taking of difficult decisions that will protect the business in the future.”
He added that the new management team would focus on a long-term strategy to reach ‘sustainable profit growth’.
Three new CJ Lang stores are planned to open over the coming year and the company is supporting independent retailers and company-owned stores with ‘market leading deals’ and pushing record volume through its Dundee distribution centre.
The wholesaler presently services 180 independent SPAR stores and 113 that are company-owned. Next year marks its 100th anniversary.