The Co-Operative Group has pushed sales up by 15% to top the £10bn mark, in a record year that has seen it “come into its own”.
Operating profit for the 52 weeks to January 10 increased by 11% to £393m. The dividend payment to customer members has risen from £45m to £50m.
The year saw the group, which is the UK’s fifth largest food retailer, complete its acquisition of Somerfield and convert over 1,500 stores to its new format.
Commenting on the results, group chief executive Peter Marks said: “At a time when the economy is struggling and many business models are coming under intense pressure we truly believe that The Co-operative Group is coming into its own.
“The events of the past year have built on the successful merger in 2007 of The Co-operative Group and United Co-operatives and our continued strong trading clearly demonstrates the benefits of that merger.”
The Group employs 110,000 people, operates some 4,900 retail outlets, and has 3m members.