Co-op full year food sales up 3.5%
The Co-op’s food business has posted a 3.5% increase in full year sales to £7.8 billion after like-for-like sales climbed by 6.9%.
In the year to 2 January, wholesale sales at the business reached £1.6 billion compared to £1.4 billion in 2019.
Meanwhile, underlying profit rose to £350 million from £283 million in the previous year. The retailer said the uplift was a result of the strong sales performance and the transformation of its cost base.
The Co-op opened 56 new stores during the Covid-19 pandemic while 105 were refitted and 13 were extended. The retailer also expanded its online offering and now has 800 Co-op Food stores providing food to homes via delivery partners.
Allan Leighton, chair of the Co-op, said: “Covid-19 presented us with a national emergency and a unique set of business challenges and community needs which showed that co-operation was capable of making a difference during an extraordinary time in the nation’s history.
“I am proud of how we rose to the challenge of the pandemic through our business operations and through our support to local communities. Creating Co-op value for our members has always been at the heart of our endeavours and I believe that reached new heights during 2020.”
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