The Co-Operative Group were today celebrating after reporting record profits and sales for 2010, with both up almost 50%.
Pre-tax profit for the 12 months was £545.7million, up from £367.9million in 2009, and the groups sales increased by 10% to £13.7billion.
Co-Op, who have now taken over all of the Somerfield stores, saw like for like performance drop 2.5%, but other parts of the group, including the banking sector performed well.
The company did warn that 2011 and 2012 would be tough, because of consumer hesitation, but were happy with their previous year’s results.
Chief Executive Peter Marks said, “Looking ahead, we had hoped to see signs of recovery by the start of 2011, but the downturn is clearly biting deeper than we expected.”