Supermarket retailer Co-op has reported a 14% increase in total revenues to £10.2bn for the year ending 5 January 2019, driven by its acquisition of Nisa and strong performance from its food category.
Like-for-like revenues continued to grow in food sales (+4.4%) and the Co-op said it has now “enjoyed five consecutive years of like-for-like revenue growth”. Profitability also “exceeded expectations”, reflecting the growth in overall revenues, whilst still incorporating the £79m of member and community reward.
Steve Murrells, CEO of the Co-op, said: “Over the past year we have continued to successfully transform the Co-op, leading to a 14% increase in revenues to £10.2bn and the return of £60m directly to our members and £19m to over 4,000 community projects across the UK.
“The acquisition and integration of the Nisa wholesale business has been a game changer in expanding our food footprint and we have also set out the path by which we can offer our members a broader range of compelling Co-op solutions in insurance and health.”
He added: “We continue to demonstrate that the Co-op is a good business that does good for society as we lead on issues including single use plastics, funeral affordability and social housing. It is this determination to make a positive difference for all of our stakeholders which will ensure that we fulfil our ambition to build a Stronger Co-op and Stronger Communities.”