However, Co-op Food posted a fall in operating profits – from £119m to £117.4m. The division also reported a 0.4% in total sales to £3.6bn in the first half to 6 July. Like-for-like sales fell 1.1%. In the first quarter they slipped to 2% due to the cold weather but the decline slowed in the second quarter, to 0.3%, due to the summer heatwave.
The Co-op Group's overall results were hit badly by a huge write-down of assets at its banking arm. The group lost £559m.
Euan Sutherland, group chief executive of the Co-operative Group, said: "This has been a very difficult first half for The Co-operative Group and the results highlight both the well-documented challenges faced by The Co-operative Bank and the significant work to do at Group level."
