The Co-operative Group has booked a drop in full-year earnings for 2012, with food profitability hampered by its investments in pricing and the weak consumer outlook.
In a trading update released today (21 March), the Co-op said underlying food profits fell to GBP288m (US$435.6m), down from GBP318m in the comparable period of last year. CEO Peter Marks said the company had seen an improved performance from food in the second half, but admitted profitability had been hit by the competitive environment and investments in structural improvements.
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On a group basis the Co-op, which also has significant interests in banking, saw its net profit hit by a loss of GBP377m associated with its non-core banking assets. Net payment’s to the co-operative members fell to GBP104m, down from GBP142m last year.
Group sales, however, edged up to GBP13.5bn from GBP13.3bn in 2011.
Click here to read more comments from CEO Peter Marks on the group’s results.
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