Co-op profits climb following ‘exceptional’ food performance
Convenience retail and funerals group the Co-operative has posted a surge in profits after the coronavirus outbreak prompted shoppers to flock to its stores.
The Co-op has reported a sales rise of 7.6% in its first half, driven by “exceptional food and wholesale performances”, which also saw group underlying operating profit double to £121m.
Costs also rose steeply as the retailer adopted measures to trade through the pandemic and the retailer cautioned of a “challenging second half ahead with uncertain economic backdrop and need for further investment”.
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