THE RETAIL BULLETIN - The home of retail news
Lest we forget
HOME
RETAIL NEWS
RETAIL EVENTS
Fashion
Department Stores
Shopping Centres & Retail Parks
Home & DIY
Electricals
Health & Beauty
General Merchandise
Entertainment
Sports & Leisure
Retail Solutions
Food & Drink
Interviews
RETAIL INSIGHTS
RETAIL SOLUTIONS
ABOUT US
CONTACT US
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%.

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 2019
Omnichannel Futures Conference 2019
6 February 2019
Cavendish Conference Centre, London WG1 9DT
A truly omnichannel offering requires an understanding of customer behaviour across all shopping channels and how this should impact your overall business strategy
Customer Engagement Conference 2019
Customer Engagement Conference 2019
5 June 2019
Cavendish Conference Centre, London W1
The 10th Annual Retail Customer Engagement Summit
The HR Summit 2019
The HR Summit 2019
Tuesday 8 October 2019
The Cavendish Conference Centre, London W1
The 11th HR Summit 2019, The Cavendish Conference Centre, London W1, 8 October 2019
AI in Retail Conference 2019
AI in Retail Conference 2019
16 October 2019
Cavendish Conference Center, 22 Duchess Mews, London W1G 9DT
Retail marketing is changing pace rapidly by making communication across all platforms personalised, relevant, efficient, and helpful. AI not only helps shoppers find a perfect product but also pre-empts the shopping behaviour and speeds up payment.
Payment Roundtable 2019
Payment Roundtable 2019
6 February 2019
The Cavendish Conference Centre, 22 Duchess Mews, London W1G 9DT
The Retail Bulletin Payment Roundtable will raise debate and discussion centred on but not exclusive to improving the in-store payment process