Co-op Group, which owns Britain's seventh-biggest supermarket chain, reported a profit in the first half as growth in membership and its quick commerce business offset cost inflation.
The 180-year-old group operates almost 2,400 food stores and also runs funeral, insurance, and legal services businesses.
Revenue rose 1.5% to £5.6 billion (€6.70 billion) in the first half, driven mainly by its food stores and legal services.
Outperformed In All Markets
"Although the external environment remains challenging, it is testament to the underlying strength of our Co-op that we have outperformed in all our markets," CEO Shirine Khoury-Haq said in a statement.
"While there is much more for us to achieve, we are on track to reach our goal of eight million Co-op member owners by 2030. This confidence is supported by a strong balance sheet, a clear business strategy, a compelling vision, and 55,000 amazing Co-op colleagues who are central to our achievements over the last six months.”
New Stores
The group said it planned to open 120 new food stores across retail and franchise by the end of next year.
Underlying profit before tax was £3 million (€3.59 million) for the six months to June, compared with a loss of £9 million (€10.7 million) a year earlier.
Debbie White, Chair of the Co-op, added, “These results demonstrate the progress we have made over the last six months. I’m delighted we have grown our membership by 20%, with our 5.5-million-member owners central to our plans and at the heart of our Co-op.
“I’d also like to thank all our colleagues for their hard work and dedication, which has enabled us to deliver this improved performance. We continue our focus on growing our membership to create more value for our member-owners, and in turn communities across the UK.”
Additional reporting from ESM
