Co-op sees profits soar thanks to World Cup pizza deal and Nisa purchase

Food & Drink | Latest News | Retail

Co-op has seen its profits soar to £5bn in the first half of the year – up 10% from the corresponding period in 2017.

The country’s sixth largest supermarket chain has seen its sales buoyed by its £143m acquisition of Nisa in May plus its World Cup deal, which consisted of two pizzas and four bottles of beer for £5.

The significance of this deal has resulted in the company claiming more than 180 pizzas were sold for every minute of football played.

Non-executive chairman, Allan Leighton, said: “Against a backdrop of increasing national uncertainty, I’m pleased that the Co-op has continued to perform successfully during the first half of the year.

“It is in these times of volatility that our way of doing business, which gives back to our members and the communities we operate in, becomes even more important.”

Pre-tax profits were almost double as well as they reached £26m for the 26 weeks to 7 July – up from £14m the previous year.

The company, which has 2,600 food stores across the UK, saw its food retail like-for-like sales were up 4.4% and the company – has now enjoyed growth for 18 consecutive quarters.

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