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Convenience stores boost Co-op sales
Interim results reveal Co-op's revamped Food Retail business is making good progress
The Co-op has announced a major improvement in sales of its Food Retail business with like for like sales up 3.3% for the
half year ending 29 July 2006, and the figure for its convenience stores standing at 7%.
Announcing the Group's interim results, Martin Beaumont, group chief executive, said: "We have achieved a great deal over the last couple of years and it is tremendously rewarding to see the foundations we have been putting in place are starting to deliver results."
He added: "The strategic imperatives 'better shops, better products, better service and better execution' underpin everything we now do."
Since the end of 2005 the Co-op has worked at improving its retail estate. 200 stores have now been refitted and these are
showing sales increases, with particularly strong sales performances, up by around 12%, in its refurbished convenience stores. The Group has also closed or disposed of 50 under-performing stores, and opened six new stores.
It announced a further £37m will be spent this year on improving the fabric of stores.
Beaumont said: "Our food offer is being completely reviewed, with our own-label value, standard and premium ranges clarified and improved in terms of quality and consistency. Action plans have been put in place to increase our range of premium quality products, to capitalise on our market leading status in terms of responsible retailing and increase local/regional sourcing. We have also made good progress with improving availability and customer service."
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