COOP members in Jersey have voted to approve a 2% dividend at a meeting on Wednesday evening.
Members were previously warned that the traditional dividend payment may not be possible due to what were described as challenging trading conditions.
At an annual meeting of members (AMM) held at the Radisson Blu Hotel, CI Coop chief executive Mark Cox said that the organisation “must balance the payment of dividend with investment in the long-term future of our Coop”.
The Coop’s latest annual report and accounts showed a turnover of £208.5 million but a net loss of £1.8 million for the year to 14 January.
Addressing more than 120 Islanders who attended the AMM, Mr Cox said: “Financial results do not reflect the enormous efforts but in by the extraordinary team here, and that is disappointing.”
Mr Cox also defended spending on advertising, technology, re-branding and new uniforms.
The organisation purchased four Lloyds pharmacies to expand its network across Jersey in October last year, with Mr Cox denying that the organisation had been on a “spending spree”.
The Coop would also be honouring the dividend accrued by members who closed their accounts following that announcement, attendees were told.
