Also announces plans to expand its network
Co-operative Group has today reported a 25 per cent rise in annual profit after a “year of progress”. The group made a pre-tax profit of £72m in the year to January 6, up from a £132m loss the year before.
Co-op, in recovery mode since 2013 when a crisis in its banking unit nearly brought it to its knees, also announced plans to expand its convenience store network. It said it plans to open 100 convenience grocery stores this year.
“We are going to deliver more Co-op products and services to more people throughout the country,” Co-op Chief Executive Steve Murrells said in a statement today.
Co-op nearly collapsed in 2013 after problems in its banking unit. It no longer has a stake in the bank, and has since returned to growth.