Co-op profits rise sharply
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.THE CO-OPERATIVE Wholesale Society yesterday reported a sharp rise in profits and said it had no plans to seek a merger with its sister group, Co-operative Retail Services.
Graham Melmoth, the CWS chief executive who saw off a break-up bid from Andrew Regan two years ago, also said he had received no contact from Babcock & Brown, an American finance group which is rumoured to be sizing up a possible bid. "Their interest seems real enough but they have not been in contact," he said. He added that he has not put his banking advisers on bid alert and repeated the assertion that the CWS "is not for sale".
The comments came as CWS reported a 23 per cent increase in operating profits to pounds 113m for last year. Though the Co-operative Bank was still the best performer, the CWS's struggling food-retailing division saw some improvement. Like-for-like sales in the 640 stores rose by 4.2 per cent on last year. Sales were strong over Christmas when Co-op shoppers have traditionally defected to Tesco and Sainsbury's. Mr Melmoth said the national roll-out of the dividend card last year helped keep customers loyal.
Food retailing profits increased from pounds 33m to pounds 34m. In funerals a lower death rate hit profits though market share increased following acquisitions.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments