The Manchester based Co-op,the seventh-biggest supermarket chain, reported a profit in the first half as growth in membership and its quick commerce business offset cost inflation.
Commenting on the results, Shirine Khoury-Haq, Chief Executive of the Co-op, said:
“We have delivered a strong performance for the first six months of this year as our strategy starts to gain real momentum. Although the external environment remains challenging, it is testament to the underlying strength of our Co-op that we have outperformed in all our markets while significantly increasing our investments in our colleagues, pricing and in the growth of our businesses.
“While there is much more for us to achieve, we are on track to reach our goal of 8 million Co-op member owners by 2030. This confidence is supported by a strong balance sheet, a clear business strategy, a compelling vision, and 55,000 amazing Co-op colleagues who are central to our achievements over the last six months.”
Debbie White, Chair of the Co-op, added:
“These results demonstrate the progress we have made over the last six months. I’m delighted we have grown our membership by 20%, with our 5.5-million-member owners central to our plans and at the heart of our Co-op.
“I’d also like to thank all our colleagues for their hard work and dedication, which has enabled us to deliver this improved performance. We continue our focus on growing our membership to create more value for our member-owners, and in turn communities across the UK.”
