The Co-operative Group has posted a set of record results for the year to 10 January 2009, with sales up by 15% to more than £10bn.
During the period, the group completed its acquisition of Somerfield, making it a major fifth player in the UK grocery market.
The Co-op’s food business turned in a strong performance, with sales up by 23% to £4.5bn.
Co-op chief executive Peter Marks said the increase was driven by “successful store refits, product re-launches and improvements to service levels and pricing”.
Like-for-like sales, excluding fuel, rose by 5%, which the group said was ahead of the market.
Food profit was up by 38% £219m and underlying profit up by more than 20% to £37.2m.
For the first three months of the 2009 financial year, like-for-like sales rose by 6.5%, again excluding fuel.
Marks said the deal to buy Somerfield would “transform” the Co-op’s food division.
More than 700 stores were refitted during the year, delivering an average sales boost of 13% per store.
Sales of the Truly Irresistible premium own-label range rose by 40%, and Fairtrade sales increased by the same percentage.
