The Co-operative Group has posted like-for-like sales growth of 1% over the key festive period.
The figures, for the 13 weeks to 4 January and versus growth of just 0.3% last year, were fuelled by the society’s core convenience estate, in which like-for-likes grew 3.2%.
Total sales were flat at £1.7bn, which the society said was due to the disposal of some of its larger stores during the period.
It also revealed like-for-likes for the three weeks to 4 January grew 3.5%, with its core convenience estate posting like-for-like growth of 5.4%.
The society launched a food strategy last year to turn around ailing food sales. According to Kantar Worldpanel, it headed into the Christmas period with sales down 0.7% in the 12 weeks to 8 December.
“These results are a reflection of all our efforts to improve the customer offer and show the value of our strategic focus on convenience retailing”
Steve Murrells, Co-op
“These results are a reflection of all our efforts to improve the customer offer and show the value of our strategic focus on convenience retailing,” said Steve Murrells, CEO for retail at The Co-op Group.
“We are now delivering better products, at better prices, in better shops. With household budgets under pressure, customers want affordable, quality products delivered locally by colleagues who are really engaged and that is what we are delivering.
“We still have much to do, but these trading figures give us real encouragement.”
And he added: “Looking ahead, we believe that our core convenience stores should continue their strong performance. Through the rest of the year we will continue to further develop our food strategy and customer offer around the core convenience estate, where we have a leading market presence and position.”
The Co-op Group also revealed sales rose 28.2% in its online electrical business, and by 1% in its pharmacy business.
“These strong sales figures from our food business are very encouraging, reflecting the loyalty of our customers and the hard work of all our colleagues in the Group, while The Co-operative Bank was in the headlines,” said Co-op Group CEO Euan Sutherland.
“The recapitalisation of the Bank at the end of last year represented an important milestone and now we can see that the foundations of the wider Group, through its trading businesses, remain strong.
“There is still a huge amount to be done across the Group, and I remain convinced of the great potential to be realised for customers and members,” he added.
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