Co-operative Group posts record profits
LONDON - Mutual retailer The Co-operative Group has posted record results, driven by product re-launches and improvements to service levels and pricing.
The company said food profits were up 38%, banking was up 49%, pharmacy was up 19% and overall operating profit was up 11%.
The annual results considered the 52 weeks ending 10 January, 2009.
Chief Executive Peter Marks contributed the company's success to a rejuvenated Co-operative Group.
He said the food business has been driven by successful store refits, product innovation and greater customer service.
The deal to buy Somerfield has also helped to transform the business, he claimed, making The Co-operative the fifth major player in the grocery market.
Marks added the group's financial services business is merging with the Britannia Building Society, which would result in the creation of a financial "super-mutual".
This article was first published on marketingmagazine.co.uk