- Underlying operating profit up 20%
- Turnover climbed 31%
 |
Peter Marks has overseen the Co-op's rise to UK's number five grocer |
The Co-operative Group, the UK's fifth-largest retailer, this morning (18 March) posted a 5.5% rise in annual like-for-like food sales as boss Peter Marks hailed "an historic year" for the business.
In a year in which the Co-op started to bed down the acquisition of local rival Somerfield, the company posted a 20% rise in underlying group operating profit to GBP473m (US$720.7m).
Group sales in the 51 weeks to 2 January were up 31% at GBP13.7bn.
"Our food business continues to go from strength to strength following the acquisition of Somerfield. We now run almost 3,000 community food stores and we have a store in every single postal area in the UK bar one," Marks said.
"Looking ahead, we expect the economic pressures to continue until the end of this year or the first half of 2011. Sustaining the level of success we have enjoyed over recent years will not be easy. All of our businesses are operating in fiercely competitive markets which will only get tougher, so we will be redoubling our efforts to help our customers by providing even greater value and service."
Click here for the full release from the Co-op and click here for further comment from Peter Marks on competition in the UK convenience channel.
Sectors: Retail
Companies: The Co-operative Group
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