Co-op reveals strong food sales results
The Co-operative Group (Co-op) has posted record results for the first half of the year, including a 43.5 pct rise in sales to GBP 2.4bn at its grocery business.
It said that like-for-like first half sales jumped by 5 pct, as the market overall saw sales rise by 4.6 pct. Trading profit at its food arm jumped 67.7 pct.
Such success occurred, the Co-op said, thanks to the expansion of its range and improvements to existing outlets.
Chief executive at the retailer Peter Marks remarked that this has been an “exciting” time and the food side of the business is “rejuvenated”.
And he said the company’s position as a community retailer can be consolidated following the agreement to purchase Somerfield.
But Marks added that the remainder of the year is likely to be very competitive as the credit crunch – along with inflation pressures – continue to make the market tough.
Total profit at the Co-op, including its pharmacies, funeral service and travel section, stood at GBP 197.6m (before payments to members).
Various moves have been made by the organisation in recent times, such as the introduction of a Yorkshire range, the creation of mini-banks in stores and a sustainable fish sourcing policy.
The Co-operative Group (Co-op) has posted record results for the first half of the year, including a 43.5 pct rise in sales to GBP 2.4bn at its grocery business.
It said that like-for-like first half sales jumped by 5 pct, as the market overall saw sales rise by 4.6 pct. Trading profit at its food arm jumped 67.7 pct.
Such success occurred, the Co-op said, thanks to the expansion of its range and improvements to existing outlets.
Chief executive at the retailer Peter Marks remarked that this has been an “exciting” time and the food side of the business is “rejuvenated”.
“I am delighted that we are continuing the process of reinvigorating our business which will lead to a renaissance of the whole co-operative sector in the UK,” he said.
And he said the company’s position as a community retailer can be consolidated following the agreement to purchase Somerfield.
But Marks added that the remainder of the year is likely to be very competitive as the credit crunch – along with inflation pressures – continue to make the market tough.
Total profit at the Co-op, including its pharmacies, funeral service and travel section, stood at GBP 197.6m (before payments to members).
Various moves have been made by the organisation in recent times, such as the introduction of a Yorkshire range, the creation of mini-banks in stores and a sustainable fish sourcing policy.
