Co-op trading profit hit by competition
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 overall trading profit of the Co-operative movement fell from pounds 160m to pounds 136m last year, the first decline since 1989, members were told yesterday at its annual congress in Cardiff.
The fall was blamed on increased retail competition. Turnover rose 2 per cent to just under pounds 8bn while membership increased by 136,000 to 9.1 million and reserves rose 2.6 per cent to pounds 1.2bn.
Despite the downturn in trading profit, the congress was told that many regional and locally based societies had achieved healthy increases in both turnover and profitability. The Co-op is the country's biggest retailer with more than 4,500 outlets ranging from hypermarkets and superstores to chemists and shoe chains, funeral parlours and travel shops.
In the core food business there was no increase in sales while non-food Co-op businesses only achieved a 2 per cent improvement.
However, travel income was up by 9 per cent and motors by 12 per cent while the funeral business increased turnover by 4 per cent.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments