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The Manx Co-operative Society is reporting continuing success, despite what it calls 'challenging trading conditions'.
At the annual general meeting chairman Eric Calderwell also highlighted increased membership and potential for growth.
Mr Calderwell said 2010 was 'an exceptionally good year', reporting 'commendable performance' from the Island's ten stores, and nearly 13,000 members registered since the scheme was launched locally in January that year.
The trading performance review showed a £23 million turnover during the year, and a profit of £1.1 million.
Additionally, membership on the Island was growing at a faster rate than comparable regions in the UK, and £210,000 had already been paid to members in dividends.
The success is being attributed to store investment and the efforts of the 90-strong workforce employed on the Island.
Looking to the future, the company will have three main focuses, namely employee training and coaching, driving down prices, and creating memorable shopping experiences.
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