Sunday , April 22 2018
Home / Business / Co-operative Group swings back to profit

Co-operative Group swings back to profit

Co-op bagImage copyright Co-op Group

The Co-operative Group has returned to profit after what it called a "year of progress".

The group reported a profit of £72m for 2017, after a loss of £132m the year before when it wrote off the value of its stake in the Co-operative Bank.

As well as its 2,500 food stores, the group, the largest co-operative in the UK, has insurance and funeral businesses and runs 12 Academy schools.

Sales at its food stores rose 3.4% and membership rose by 15% to 4.6 million.

The number of active members increased by 15% to 4.6 million.

Steve Murrells, Co-op chief executive, said he was "delighted" with the performance, but warned all markets were highly competitive.

"Today's results show how much progress we have made. All our businesses have performed well and we have increased profits and reduced debt, while continuing to invest for colleagues, members and customers," he said.

Mr Murrells told the BBC's Today programme that the group planned to increase the number of Academy schools it ran from 12 to 40.

Last month, it emerged the Co-operative was being investigated by the supermarket regulator over its treatment of suppliers.

The Groceries Code Adjudicator (GCA) said there was "reasonable suspicion" the retailer had breached its rules.

The Co-op accepted it had "fallen short" and disclosed it had already repaid £500,000 to 110 suppliers.

About admin

Our goal is to help you improve your life and improve your standard of living and gain more knowledge about what to do in all cases whether Business and Investing or Arts and Entertainment or

Check Also

Farmers hit by record straw prices

Image copyright NFU Image caption Dairy farmer Michael Oakes while the straw was still available for..

Leave a Reply

Your email address will not be published. Required fields are marked *