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Co-op claims market ‘worst for 40 years’
Co-operative Group chief executive Peter Marks has announced a drop in profits for the group and said the market was the worst he had seen in over 40 years of retailing.
Overall sales for the group were down to £6.89bn in the half year to July 2, compared with £6.95bn in the same period last year and underlying profit fell to £275.1 million compared with £308.1m in 2010.
No figures were given for the travel division because, for accounting purposes, it is classified as a discontinued business following the Competition Commission's approval of the joint venture with Thomas Cook.
"It [the market] is the worst I have seen in over 40 years of retailing and, against this backdrop, the results are in line with expectations," said Marks. "Looking ahead, we do not see signs of any real improvement in the economy."
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