Co-op’s food business grew its revenue to £7.81 billion in the 12 months to 31 December 2022 from £7.67 billion in the prior year.
During the period, the business benefited from the continued expansion of its online business where revenues increased by 24% to £222 million. Co-op said online delivery services are now available in more than 1,800 individual food stores and will be able to reach 81% of the UK population before year end.
Meanwhile wholesale revenue rose by £53 million to £1.44 billion.
The number of transactions per week also increased with growth of 5% to 16.4 million. In addition, Nisa’s sales of Co-op branded products grew by 12.5% to £199 million and now represent 20% of total sales, excluding tobacco.
The business also benefited from cost cutting measures, including reduced energy consumption in stores and tight control of spending.
Across the wider Co-op group which also includes funeral care, insurance and legal divisions, revenue increased by £0.3 billion to £11.5 billion while underlying operating profit came in at £100 million, the same as the prior year. However, EBIDTA fell by £15 million to £490 million in the period.
