Co-op Group ‘thrives’ despite poor economy
The Co-operative Group has reported strong preliminary financial results for the 51 weeks to January 2nd 2010.
During a tough year for the retail industry, the Co-operative Group has still been able to thrive.
That is the opinion of the firm’s Chief Executive Peter Marks, who was commenting following the publication of the company’s preliminary 2009 financial results - data that shows the group has made great progress.
Group sales at the recently crowned Oracle Retail Week Awards Responsible Retailer of the Year reached £13.7 billion - which represents a 31 per cent year-on-year increase - and trading groups sales ballooned by 37 per cent to £11.6 billion.
Underlying group operating profit was £473 million before significant items are taken into account, while underlying trading group profit totalled £338 million.
Describing 2009 as “an historic year” for the Co-op, Mr Marks said: “Our business has continued to thrive in spite of economic pressure, and I am pleased to report that we are on track with the integration of both Somerfield and Britannia.
“Our food business continues to go from strength to strength following the acquisition of Somerfield.”
Written by Ben Sillitoe
