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Co-operative blames profit fall on ‘competitive food market’

Zoom in font  Zoom out font Published: 2012-08-25  Origin: foodmanufacture  Authour: Mike Stones  Views: 31
Core Tip: The Co-operative Group blamed a 34% fall in underlying operating profit to £174M during the first half of this year on a “competitive food market” and bad business loans.
Total sales reached £6.56bn – a small rise on the previous year.


Like-for-like food sales fell by 1.2%.

Spending less on food

Peter Marks, group chief executive, told BBC 5 Live: “People are looking for value and spending less on food and looking more for deals and promotions.”

But the group said sales would improve in the second half of the year. “Looking ahead, we remain confident and expect an improvement in sales in the second half,”according to a company statement.

 
 
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