British co-operative group Co-op has reported total revenue of £5.6bn ($7.4bn) in the first half (H1) of fiscal 2024 (FY24), up 1.5% from £5.5bn in the same period in fiscal 2023.
Revenue of the company’s food retail grew by 3.2% to £3.7bn, while wholesale revenue was down by 2.9% to £0.7bn over the period.
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The company’s quick commerce sales were £217m in the first half (H1) of the fiscal year, increasing by 62% from £134m in H1 FY23.
Co-op’s underlying operating profit also rose by £4m to £47m in H1 FY24 against £43m in H1 FY23.
The group’s H1 FY24 profit before tax reached £58m compared to a loss of £33m in the same period of the previous year.
The retailer registered 20% growth in the number of active member-owners to 5.5 million in H1 FY24, and is on track to reach eight million members by 2030.
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By GlobalDataNet debt of Co-op as of the end of H1FY24 was £42m, decreasing by £55m from £97m in H1 FY23.
The company also plans to open 120 new stores across retail and franchise by 2025 end.
Co-op chief executive officer Shirine Khoury-Haq said: “We have delivered a strong performance for the first six months of this year as our strategy starts to gain real momentum. Although the external environment remains challenging, it is testament to the underlying strength of our Co-op that we have outperformed in all our markets while significantly increasing our investments in our colleagues, pricing and in the growth of our businesses.
“While there is much more for us to achieve, we are on track to reach our goal of 8 million Co-op member-owners by 2030. This confidence is supported by a strong balance sheet, a clear business strategy, a compelling vision and 55,000 amazing Co-op colleagues who are central to our achievements over the last six months.”
In mid-September 2024, Co-op announced the launch of a 24-hour online grocery delivery service in the UK, to meet the increasing demand for shopping at non-traditional times.
