The Co-op has announced strong interim results for the first half of the year.
Sales increased by 10% to £5 billion, whilst group profit increased by £12 million to £26 million.
18th consecutive quarter of LFL growth
Food Retail like-for-like sales saw an increase of 4.4%, the 18th consecutive quarter of like-for-like sales growth.
Total food sales were up 3%, now at £3.6 billion, thanks to strong sales growth driven by the World Cup.
Co-op's 'Pizza & Beer' deal was a large success, with over 180 pizzas sold for every minute of football played.
Acquisition of Nisa boosting sales
Successful sales can be attributed to the acquisition of Nisa as well as strong food sales.
The acquisition has also helped to boost wholesale sales, now at £269 million.
The Co-op now supplies food to over 7,700 stores, including stores within the remit of its new supply deal with Costcutter.
By the end of 2018 will supply 850 Co-op own-brand ranges to Nisa partners.
Partnership with Live Nation
The retailer has opened 45 new food stores this year, along with a number of festival pop-up shops in an exclusive partnership with Live Nation.
Over 200,000 people attended the four festivals where Co-op set up shop. The festivals provided an opportunity for Co-op to build engagement with some of its key target shopper groups, particularly younger shoppers.
Read our Co-op at Reading Festival store visit report here »
The Co-op remains confident that it will continue to invest in its business areas and member offer to drive commercial success.
Steve Murrells, Chief Executive of the Co-op, said "We're moving forward at pace with our Stronger Co-op, Stronger Communities plan, which we set out at the beginning of the year. We know that in order to make a difference, we have to be commercially successful and our performance in the first half shows that we’re delivering on that ambition. Our investment in products, price and distribution channels has seen us grow revenue, profit and member value in the first six months".
Allan Leighton, Independent Non-Executive Chair of the Co-op, commented "We've got exciting plans to continue transforming our Co-op to make it even more competitive, relevant and innovative in both existing and new markets. We'll continue to grow our current businesses and through our Ventures team we'll move into new areas where we can deliver even more value for our members and their communities".
IGD Co-op Trade Briefing
22 November 2018, Manchester
Succeeding together. Join IGD and Co-op for a day of looking to the future and building supplier relationships.
Find out more »
IGD Convenience Retailing Summit 2018
26-27 September, London
Convenience continues to outpace big store formats. This year we have launched a two-day event to help you explore every opportunity, possibility and future trend to boost your business.
Find out more »