According to latest reports Grocery chain the Co-op sales surged in the first six months of year as customers preferred doing shopping closer to their houses instead of going to the crowdy bigger stores and stopped dinning out during the pandemic.
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Company’s year over year sales in food, without the effect of new shops opening, surged by 8.8% in the six months to 24 July.
Co-op predicts coronavirus-related costs to hit £97m for the full year. The company said that with lockdown the average shopping in the store and local deliveries jumped.
During the period almost 1.7 million new shoppers had stepped in at a Co-op store for the first time.
Co-op revealed in its half yearly report that total revenues jumped by 7.6% to £5.8 billion for the 26 weeks to 4 July.
After great results in food and wholesale trading, company’s profit before tax surged 35% at £27m year over year. Nevertheless, it has to bear £54m in coronavirus-related costs. The reason behind these costs was mainly because of additional recruitment and the purchase of mask and gloves for those working in shops too keep them safer during pandemic. Company hired an extra 7,000 temporary workers to match demand from customers.
Co-op recently revealed plan of hiring an additional 1,000 workers and opening of 50 new stores before the end of the year, having paused on opening any new sites during lockdown.
