The UK's fifth-largest grocery retailer The Co-operative Group has reported a first-half profit increase of 17 per cent on the back of higher food sales.
The group, which acquired rival retailer Somerfield last year, posted a pre-tax profit of £228.8m (€244.9m).
Sales for the 28 weeks to 25 July, meanwhile, were up 7.3 per cent, with a notable 80 per cent rise in sales of its Simply Value range.
However, the upturn was not limited to price-focused lines – sales of Fairtrade products were also up by 35 per cent for the period, the company said.
According to chief executive Peter Marks, the Co-op's success over the first half of the year was based on reducing its prices, improving its product range and modernising stores.
'All of that together has meant that we're getting new customers,' he told reporters.
No comments yet