Peter Marks, the chief executive of UK retailer The Co-operative Group, today (12 October) claimed an “exceptional” performance from its food business during the first half of its fiscal year.
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The Co-op, which is in the middle of integrating fellow UK retailer Somerfield following last year’s GBP1.6bn (US$2.52bn) takeover, booked underlying group pre-tax profits of GBP228.8m – up 17% on the year.
Revenues climbed 27.1% to GBP6.4bn, while like-for-like sales rose 7.3% during the six months to 25 July.
“While our competitors have been focusing heavily on price alone we have been concentrating on the twin pillars of value and values that are essential in the convenience store sector,” Marks said.
“Value is, for us, about convenience, products, customer service and price – and values are what have distinguished co-operatives from the competition for 165 years. We have continued to gain market share as a result of our reputation as a trustworthy and ethical business.”
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