The Co-operative Group has unveiled a three-year plan to invest £1.5 billion in the business and transform its retail estate under a single unified brand.

The proposals, which aim to double profits, will see all trading outlets will operate under the new brand by 2009.

The move follows the merger of The Co-operative Group and United Co-operatives to create the world’s largest consumer co-operative.

The fifth-largest food retailer in the UK released its results for the 52 weeks to January 12 this week, showing strong profit growth.

The food side of the business enjoyed a strong trading performance, with new product launches and further store refits delivering excellent results.

Like-for-like sales were up 4.6 per cent, making eight consecutive quarters of like-for-like growth.

Profit before significant items was up 50.5 per cent, to £139.2 million.

Peter Marks, chief executive of The Co-operative Group, said: “This has been one of the most significant years in the history of The Co-operative Group and the wider co-operative movement. The merger of The Co-operative Group and United Co-operatives provides the foundation for the reinvigoration and renaissance of the whole co-operative sector in the UK.

“These results show that in spite of all the changes going on in the business we have continued to make huge strides within the Trading Group. Now we look forward to continuing to drive the business for the benefit of our customer owners.

“The Co-operative Group now has the critical mass necessary to deliver real change. With the successful integration behind us, we can embark on our ambitious three-year plan to invest £1.5bn to transform our retail estate under a single unified brand and build market share.

“But as we change we will not lose what makes us distinctive. The Co-operative Group will be financially successful and socially responsible. Customers, members and employees will continue to choose us for what we do with our profits as well as for how we make them.”

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