However, the group has reported a pre-tax loss of £132 million in 2016 after writing off the value of its 20% stake in the troubled Co-operative Bank.
The group’s revenues increased by 3% to £9.5 billion in the period,
Total sales at Co-op Food rose to £7.1 billion in 2016 from £7 billion in 2015. During the year, the business invested in opening 112 stores, refitting 155, increasing staff pay, improving infrastructure and strengthening its food range.
By the end of 2016 it had 2,774 stores compared to 2,803 at the end of…