The Co-op has warned that supply chain issues and ongoing Covid-19 related costs will have an impact on its full year profitability as it announced its half year results today.
In the 26 weeks to 3 July, the Co-op’s food business saw sales excluding fuel fall by 2.8% to £3.6 billion compared to the same period last year. However, sales were up 6.5% versus the same time in 2019.
In a statement, the Co-op said it its online services were made available in 1,000 more food stores in 350 locations in the six month period, which means they now reach 52% of the UK population. In addition, total online food sales were around five times more than those in the first half of 2020.
Meanwhile, wholesale revenue dropped by 14% to £688 million as the retailer’s contract with McColl’s ended. However, Nisa saw an increase of more than 11% on sales on a two year like-for-like basis.
