Co-op profits up despite Somerfield integration disruption
Co-operative Group has posted a surge in first half profits but like-for-likes at its food arm fell because of disruption caused by the integration of Somerfield.
Co-op’s food division reported sales up 11.5% to £3.9bn and underlying trading profit up 12.6% to £169.7m.
The retailer reported that like-for-likes in shops predating the Somerfield acquisition rose 4.1% in the 26 weeks to July 3 and rebranded shops, including those converted from Somerfield, delivered a 2.5% advance. Across the entire estate like-for-likes fell 1%. For the full story click here…RAC PLUS.COM
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