Co-op reports strong first half results
Strong first half results generated by food sales and the acquisition of Somerfield in February have been reported by the Co-operative, with a 17% increase in profits before tax to £229m against the corresponding period the year previous for the 28 weeks ending 25 July 2009.
The food business delivered a 7.3% (excluding fuel and VAT) like-for-like increase, outperforming the market average.
It comes in the shadow of the acquisition of Somerfield earlier this year, of 880 local stores, and, the subsequent disposal of 200 stores for reasons of competition.
The Co-op also benefited from its new Simply Value range of food lines (65 of), which was up almost 80% year-on-year in March.
Group Chief Executive, Peter Marks, said "After a period of extensive expansion and acquisition, the second half of 2009 will mark a period of consolidation", adding, "In spite of our recent success, it would be naïve to think that we are immune to the recession".
