The acquisition of Somerfield has helped The Co-operative Group to record full-year sales and profits.
Food sales jumped 66% to £7.5bn in the year to 2 January, with food profits up 31% to £286m. Like-for-like food sales, excluding Somerfield stores, rose 5.5%.
Chief executive Peter Marks said 65% of the society’s 3,000-store estate had now been rebranded to The Co-operative fascia, with sales in refurbished stores up 12% year-on-year.
“Our food business continues to go from strength to strength following the acquisition of Somerfield,” Marks said.
“We now run almost 3,000 community food stores and have a store in every single postal area in the UK bar one.”
Group sales – which include the society’s portfolio of businesses ranging from banking and funerals to travel and motor dealerships – posted a 31% jump in sales to £13.7bn. Total profits rose 20% increase in profits to £473m.
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