Mutual swings to profit after ‘fixing basics’ but warns that investment in new stores and pay will affect margins in second half
The Co-operative Group has returned a profit in the first half of its financial year after a strong performance at its convenience stores and funeral homes.
But the mutual warned it would only break even, or make a small loss, for the full year – down from a £124m profit last year – as it invested in new stores, IT and increased staff pay. About £125m of price cuts, mostly targeted on fruit and vegetables, have also been implemented over the summer and will affect profit margins in the second half.
Source: The Guardian Circular Economy RSS