The Co-operative Group’s food division has delivered strong results in tough market conditions, with sales up 11.5% to £3.9bn and underlying trading profit up 12.6% to £169.7m, in the 26 weeks to 3 July.
Total like-for-like sales are down 1%, impacted by the disruption of Somerfield integration, and 2,500 food stores have been converted to the new brand, including over 50% of Somerfield stores.
Peter Marks, group chief executive, said: “The Co-operative Group has delivered another strong performance over the past six months, with continued growth in both revenue and underlying profits.
“Our period of extensive expansion has included the acquisition of Somerfield to bolster our food business and the merger of our financial services arm with Britannia. We have made further significant progress in the integration of both businesses in the first half.
“As anticipated, 2010 has been challenging so far, with tough economic conditions across all our businesses. Looking ahead, however, we do not expect things to improve until late 2011 at the earliest. Our focus, as ever, is on our customers and our members; ensuring that we drive our value message through every aspect of our business to their advantage.
“We are confident that our unique approach to business, combining value with values, will enable us to continue to make solid progress.”
Source: The Co-operative
