The Co-operative Group has seen a fall in like-for-like food sales in its first half of 2010. However, the group also reported a rise in total sales and a 17% rise in underlying pre-tax profits.
The company’s CEO Peter Marks admitted that 2010 had so far been challenging and warned that it was not expected to get easier until late 2011.
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The Co-op said today that group revenues were up 8% to GBP6.9bn (US$10.59bn), underlying group operating profit rose 14% to GBP307m, while underlying pre-tax profits reached GBP260m. In the food division, sales were up 11.5% to GBP3.9bn and underlying trading profit was up 12.6% to GBP169.7m. However, total like-for-like sales fell 1%, impacted by the disruption of Somerfield integration.
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 – the result of our strategy of investment in our businesses, our brand and our people.
“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.”
For the full detail of Co-op’s first half, click here
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