UK: Co-operative delivers "encouraging" 1% increase in quarterly LFL sales
- LFL increase of 1.0% for group
- Total food sales flat at £1,695.4m
- Chief exec says results encouraging but group has "much to do"
Co-operative Group sees LFL increase of 1.0% this quarter
The Co-operative Group's convenience stores have led the retailer to a successful final quarter as it celebrates a 1% like-for-like increase in sales against the same period last year.
In the 13 weeks to 4 January 2014, the group's convenience stores delivered like-for-like sales of 3.2% and in the three week run up to 4 January, like-for-like growth stood at 5.4%.
Total food sales were flat at GBP1.7m (US$2.8m), reflective of the group's focus to broaden its offering as a convenience retailer.
Steve Murrells, chief executive retail, The Co-operative Group, explained the results were encouraging but the group still had "much to do".
"Looking ahead, we believe that our core convenience stores should continue their strong performance. Through the rest of the year, we will continue to further develop our food strategy and customer offer around the core convenience estate, where we have a leading market presence and position."
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