The Co-op reported that sales at food shops open at least a year rose 7.3% in the 28 weeks to 25 July, excluding fuel and VAT sales tax, which it said was ahead of industry growth rates.
Tesco, Britain’s largest retailer, last week reported a 3.1% rise in UK sales on the same basis for the 13 weeks to 29 Aug.
“We expect the economy to remain challenging, with continued increases in unemployment and no immediate signs of a recovery in consumer spending,” chief executive Peter Marks said, though he added the second half for the Co-op had started well.
The Co-op, which bought rival food retailer Somerfield last year, said it made profit before tax of £228.8m in the first half.
Source: Reuters
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