THE RETAIL BULLETIN - The home of retail news
Lest we forget
HOME
Department Stores
Electricals
Entertainment
Fashion
Food & Drink
General Merchandise
Health & Beauty
Home & DIY
Interviews
Newsletter
Property
Shopping Centres & Retail Parks
Sports & Leisure
RETAIL INSIGHTS
RETAIL SOLUTIONS
• Omnichannel Futures Conference 2020
• Online Conversion Summit 2020
• Future of Retail Marketing 2020
• The HR Summit 2020
• AI in Retail Conference 2020
ABOUT
CONTACT
SUBSCRIBE FOR FREE
Co-op reports 3.5% like-for-like sales growth at food stores

The Co-op has reported a strong full year performance at its Co-op Food business with like-for-like sales up 3.5%. However, the group has reported a pre-tax… View Article

FOOD & DRINK

Co-op reports 3.5% like-for-like sales growth at food stores

The Co-op has reported a strong full year performance at its Co-op Food business with like-for-like sales up 3.5%.

However, the group has reported a pre-tax loss of £132 million in 2016 after writing off the value of its 20% stake in the troubled Co-operative Bank.

The group’s revenues increased by 3% to £9.5 billion in the period,

Total sales at Co-op Food rose to £7.1 billion in 2016 from £7 billion in 2015. During the year, the business invested in opening 112 stores, refitting 155, increasing staff pay, improving infrastructure and strengthening its food range.

By the end of 2016 it had 2,774 stores compared to 2,803 at the end of 2015 after it sold or closed 141 stores that did not fit with its convenience store ambitions. It also agreed the sale of 298 stores to McColl’s Retail Group which started to transfer across in early 2017.

Following the investment, underlying operating profit at Co-op Food was only slightly down on last year at £182 million compared to £186 million previously.

Allan Leighton, independent non-executive chair of the Co-op, said: “This was an exceptional year for the Co-op and these results show the success of all the work to rebuild. We’ve invested in our brand, our businesses and our colleagues and now we can clearly see the benefits – a big jump in membership, better sales and increasing market share. The Co-op is now better for members, better for colleagues and better for communities up and down the UK.”

The group’s funeralcare business grew its revenues by 3% while its insurance delivered sales growth of up 28%, based on motor premium inflation, improved pricing and distribution capabilities.

Email this article to a friend

You need to be logged in to use this feature.

Please log in here

Subscribe For Retail News

RETAIL EVENTS

Omnichannel Futures Conference 2020
Omnichannel Futures Conference 2020
5 February 2020
Cavendish Conference Centre, 22 Duchess Mews, London W1G 9DT
A truly omnichannel offering requires an understanding of customer behaviour across all shopping channels and how this should impact your overall business strategy
Online Conversion Summit 2020
Online Conversion Summit 2020
April 30 2020
The Hallam Conference Centre, London W1W 6JJ
The Retail Bulletin Online Conversion Summit 2020 Partnered by IMRG
Future of Retail Marketing 2020
Future of Retail Marketing 2020
9 June 2020
Hallam Conference Centre, 44 Hallam St, London W1W 6JJ
The Future of Retail Marketing for Customer Engagement
The HR Summit 2020
The HR Summit 2020
1 October 2020
Hallam Conference Centre, London W1W 6JJ
Company values, collaboration with employees and driving a major HR transformation to create a truly omnichannel experience, need to be at the heart of the organisation's culture and brand
AI in Retail Conference 2020
AI in Retail Conference 2020
14 October 2020
Hallam Conference Center, 44 Hallam Street, London W1W 6JJ
CONFERENCE AIMED AT RETAILERS WORKING IN MARKETING, IT, DIGITAL, DATA AND TECHNOLOGY