British consumer co-operative The Co-operative Group has reported that its Food business saw revenue up £134 million (€152.7 million) to £7.67 billion (€8.74 billion) in full-year 2022.
Wholesale revenues were up by £53 million (€6.04 million) to £1.44 billion (€1.64 billion).
It said that its 'Pure Convenience’ programme, launched in September, is enabling the group to focus better on convenience and value, with the number of transactions per week increasing 5% to 16.4 million.
Its online business also continues to expand, seeing revenues up 24%. Online delivery services are now available from 1,800 stores across the Co-op network, it added.
Read More: Britain's Co-op Partners With Just Eat For Home Delivery
'Manage External Headwinds'
'Cost control measures, including reduction of energy consumption in stores, and tight prioritisation of spending, have ensured we continue to manage the external headwinds,' the group said in a statement.
The Co-op recently opened a new regional distribution centre in Biggleswade, Bedfordshire, which has the capacity to handle two million cases of frozen, ambient, and fresh products a week, it added.
'A Better Foundation'
“We now have an even better foundation upon which to grow our businesses," commented Shirine Khoury-Haq, chief executive. "We’re also looking to grow our membership, putting membership at the heart of our Co-op, with ambitious plans to both attract new members, and deepen relationships with our existing members.
“And we will continue to bring our vision to life to make a genuine difference for our colleagues, members, and communities through these challenging times. “I’d like to thank each and every one of our amazing colleagues for all of their hard work and support over the last year.”
Overall, the group reported operating profit of £100 million (€114 million) in 2022 despite inflationary pressure. Overall group revenue stood at £11.5 billion (€13.5 billion) for the year.
It added that it expects the 'volatile external environment and turbulent economic headwinds', including inflationary pressures, to continue into the coming year.
Read More: Food Prices Push UK Shop Price Inflation To New High, Says BRC
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