Co-op reports record rise in profits
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by business editor Trevor Sturgess
The Co-op, now the UK's fifth
biggest retailer after taking over Somerfield, has reported a
record rise in sales and profits.
After a facelift and re-branding of many Somerfield stores,
including several across Kent, the Co-op hiked sales to £13.7bn, up
31 per cent. Profit before dividend payments to members soared by
85 per cent to £402m.
In Kent and the south east, a total of 105 stores were refitted
at a cost of £43m. Almost 90 stores will be converted in 2010. The
retailer now operates 452 stores in the South East and employs
nearly 12,000 staff, including those in the remaining Somerfield
stores.
The Co-op, which also runs a funeral business (156 outlets in
the south east), travel agencies (35) and chemists shops (40),
recently took over Britannia building society to form what it calls
a "super mutual."
Peter Marks, chief executive, said: "These are record results in
what has been an historic year dor the Co-operative Group. Our
business has continued to thrive in spite of economic pressurs and
I am please to say we are on track with the integrqation of
Somerfield and Britannia."
He added: "Looking ahead, we expect the economic pressures to
continue until the end of this year or the first half of 2011.
Sustaining the level of success we have enjoyed over recent years
will not be easy."
Thursday, March 18 2010
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