The Co-operative Group said it has made further progress in revitalising its business, posting a 17.6% increase in annual profits on the back of a strong performance from its food retail unit.
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The group, which operates in the food and specialist retail, banking and insurance sectors, unveiled annual profits totalling GBP318m (US$632m) for the year to 13 January, up from GBP270m last year.
The news comes ahead of a proposed merger with United Co-operatives, which would create the world’s largest consumer co-operative group. The deal is subject to members’ approval and could be completed as early as July.
The strongest performance came from the group’s food retailing business, which accounted for 42% of profits for the year. Like-for-like sales rose 4.4% while earnings were up 29% to GBP92.5m as the Co-op improved store formats, product range and services.
Chief executive Martin Beaumont said: “We are in much better shape than this time 12 months ago – a position that validates our overall strategy and confirms the choices we have made, however difficult they may have been at the time.”
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By GlobalDataThe group said that it saw progress continuing in the new fiscal year, with like-for-like sales growth of around 7% in the first quarter.
