the co-op
The Co-operative Group in the UK have reported an incredible 80% increase in sales of its ‘Simply Value‘ range of food products, while sales of Fairtrade products also rose by 35%, resulting in an overall increase of 17% in the companies first half profit.
The Co-op is Britain’s fifth biggest chain of grocery stores after purchasing the Somerfield chain in 2008, the pre tax profit for the group for the half year is reported as being £228.8million, while the number of new members rose by 300,000.
The Co-operative Group CEO Peter Marks told the BBC 5 Live programme;
“When I said we were acquiring Somerfield, I also said that we’d use some of the savings to reduce our prices which we’ve done. We’ve improved our product range, spent a lot of money modernising our stores and all of that together has meant that we’re getting new customers.”
The Co-operative Group has 5,300 retail outlets in the UK and as well as being the fifth largest grocery outlet also boast the third biggest pharmacy chain, the largest independent travel business and the number one provider of funeral services.
The group has around 4.5 million members.
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