Co-op plans new store drive as profit rises
Co-operative Group is planning to open 120 new stores across the UK after returning to the black in the six months ended 30 June.
The group reported a pretax profit of £58m in the first half of 2024, up from a £33m loss in 2023. The return to profit was aided by a reduction in interest payments and strong trading in its Funeralcare business.
Turnover increased by 1.5% to £5.6bn.
Co-operative Group is planning to open 120 new stores across the UK after returning to the black in the six months ended 30 June.
The group reported a pretax profit of £58m in the first half of 2024, up from a £33m loss in 2023. The return to profit was aided by a reduction in interest payments and strong trading in its Funeralcare business.
Turnover increased by 1.5% to £5.6bn.
The group said it now had a strong balance sheet, with debt down by £55m over the six-month period to £42m.
Looking forward, the Co-Op said it had a clear focus on growing its food retail business and would continue to “look for ways to reach more members with our food offer, with plans to open 120 new stores across retail and franchise by the end of 2025”.
Chief executive Shirine Khoury-Haq said: “Our strong balance sheet enables us to navigate further external headwinds and positions us well to compete effectively in challenging markets and pursue future growth and investment across our businesses.
“We have delivered a strong performance for the first six months of this year as our strategy starts to gain real momentum,” she said. “Although the external environment remains challenging, it is testament to the underlying strength of our Co-op that we have outperformed in all our markets while significantly increasing our investments in our colleagues, pricing and in the growth of our businesses.”
