The cooperative group expects supermarket sales to increase in the Northeast in the coming weeks after the announcement of new restrictions for the region.
General manager Steve Murrells said local lockdowns have boosted sales in areas where curbs have been placed on bars and restaurants.
“We expect to see a rebound in the northeastern part of the country in the coming days, and where local lockdowns have taken place – Leicester and Birmingham – we have seen much stronger like-for-like sales,” a- he declared. .
Wider restrictions would “most certainly” lead to increased trade in Co-op stores, Murrells said.
“People will buy more locally and more often, and we are also seeing the size of our baskets increase, which is fueling this performance.
“So that encourages us for what we see as six tough months ahead with a perfect storm of unemployment, inflation and the likelihood of a no-deal Brexit ahead of us.”
Kantar data on Tuesday suggests co-op sales have risen by more than a quarter in areas where local lockdowns have been imposed.
It came as the retailer reported an increase in semi-annual sales thanks to “bumper” food and wholesale sales at the height of the pandemic.
Total revenue jumped 7.6% to £ 5.8bn for the 26 weeks leading up to July 4, as funeral volumes rose significantly.
However, funeral income rose at a much slower pace due to price restrictions amid the crisis, rising just 3.5% to £ 148million.
The cooperative said food income rose 5.2% to £ 3.9 billion, with 9.9% like-for-like growth in the second quarter, adding that it expected the competition “intensifies” in the grocery sector, but believes it remains “well positioned”.
More about this article: Read More
This notice was published: 2020-09-17 15:20:01