UK: Co-op Food posts £270m profit

The Co-operative Food Store is enjoying a sales growth of 1.6 percent resulting in profit of £250 million ($379.46m), reported Fresh Produce Journal.

The United Kingdom-based retail firm’s convenience stores have also been performing better than the grocery market as a result of shifting shopping habits. Nowadays, consumers tend to do more frequent trips to buy food.

Market data company Kantar Worldpanel reported that Co-op’s sales grew by 3.9 percent since it acquired its competitor Somerfield in 2011.

The Co-op Group is also increasing the salary of its new starters by 1.8 percent and 8.5 percent for its 40,000 employees. The salary will then be above the £7.20-per-hour national living wage, according to employeebenefits.co.uk.