Co-op hails strong half year performance
The Co-op has said its food business performed well in the six months to July with sales rising by 3% to £3.7 billion.
Like-for-like sales increased by 1.7% while underlying operating profit climbed to £120 million from £80 million in the same period last year. The like-for-like uplift marked the 22nd consecutive quarter of growth for the retailer.
The Co-op enjoyed particularly strong Easter bank holiday trading which was partly due to warm weather. Trading in the half year was also boosted by the popularity of The Co-op’s summer saver deals.
During the period, the retailer established six Co-op franchise stores of which three are Costcutter owned and three are on university campuses.
It also extended online food delivery trials in London using zero emission electric cargo bikes through a partnership with Deliveroo.
Steve Murrells, chief executive of the Co-op, said: “Our food business continues to perform strongly in a highly competitive market and has now recorded 22 consecutive quarters of like-for-like sales growth. As our largest business, it is providing the fuel for our growth in terms of member value and community impact.”
Photo by Georgia Hawkins
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