The Co-op falls into the red as its sales are slashed by over £200m
manchestereveningnews.co.ukThe Co-op lost over £30m during the first half of 2023 after its sales were slashed by more than £200m, new figures have revealed.
The Manchester-headquartered group slipped to a pre-tax loss of £33m for the six months to July 1, 2023, compared to a profit of £8m in the same period in 2022.
The Co-op's revenue also fell from £5.6bn to £5.4bn. On an underlying basis, the group's pre-tax losses were cut from £68m to £9m while its net debt was slashed from £731m to £123m.
Its underlying EBITDA increased from £199m to £226m. READ MORE: Click here to sign up to the BusinessLive North West newsletter READ MORE: You can become a part-owner of Sonata Piano & Cabaret Lounge for as little as £10 The Co-op said that "despite a challenging economic backdrop" it "delivered a robust sales performance".
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