UK retailer The Co-operative Group today (10 January) reported a 3% increase in food sales for the four weeks to 31 December, a result chief executive Peter Marks described as “an encouragingly good performance”.
Like-for-like sales from The Co-op’s food stores increased 3.1% in the four weeks to New Year’s Eve. However, in the 13 weeks to 31 December, like-for-like sales dipped 0.2%.
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Nevertheless, The Co-op’s food business has suffered in recent months. In August, the retailer reported a 21% drop in underlying profits from its food stores in the six months to 2 July. Sales fell 4.6% and the results prompted Marks to then describe trading conditions in the UK as “the worst I have seen in 40 years of retailing”.
The Co-op provided no profit numbers for its food business in today’s trading update but Marks was positive about the retailer’s recent performance.
“These results represent an encouragingly good performance in the very competitive markets in which we operate and in continuing difficult economic times,” Marks said. “Against the backdrop of financial pressures on household budgets our focus on quality and value and the fact that our food stores are located within communities struck a chord with customers. The food sales growth in December comes on the back of an improving like-for-like trend throughout the second half of the year.”
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