Co-op posts 17% rise in H1 profit

LONDON: The Co-operative Group, Britain's biggest mutual retailer, posted a 17 percent rise in first-half profit, boosted by its food business, and said its second half had started well though it saw no sign of a consumer upturn.

The Co-op, Britain's fifth biggest grocery chain, yesterday reported sales at food shops open at least a year rose 7.3 percent in the 28 weeks to July 25 excluding fuel and VAT sales tax, which it said was ahead of industry growth rates.

Tesco, Britain's largest retailer, last week reported a 3.1 percent rise in UK sales on the same basis for the 13 weeks to Aug 29.