UK retailer The Co-Operative has posted a 14% increase in total revenue in full-year 2018 to £10.2 billion (€11.9 billion), driven by its acquisition of Nisa and a strong performance from its Food business.
Like-for-like revenues in its Food arm grew by 4.4%, the retailer said, with the group now posting five consecutive years of like-for-like revenue growth.
Last year, The Co-operative invested some £414 million in capital expenditure, of which £326 million was invested in food; in ‘new stores, refits and new infrastructure’, the group said.
Some 100 new stores were opened, while 138 existing stores were refurbished.
Following a recent report by the Groceries Code Adjudicator, into historical supply practices at the group, it said that it has ‘instigated major changes to supplier governance and processes and introduced a new supplier charter’.
“Over the past year we have continued to successfully transform the Co-op, leading to a 14% increase in revenues to £10.2 billion and the return of £60 million directly to our members and £19 million to over 4,000 community projects across the UK,” said Steve Murrells, chief executive.
“The acquisition and integration of the Nisa wholesale business has been a game changer in expanding our food footprint.”
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.