Britain's Co-op Group Posts Increased First-Half Loss Due to Investments
Co-op Group's Financial Performance and Contributing Factors
First-Half Losses and Contributing Expenses
Sept 23 (Reuters) - Britain's Co-op Group posted a bigger first-half loss on Wednesday as spending on promotions and store improvements weighed on profitability.
Impact of Cyber Attack and Market Conditions
One of Britain's best-known retailers, Co-op has been working to recover from last year's costly cyber attack, while weak consumer demand and intense competition in the grocery sector pressure performance amid the Iran war.
Financial Results and Business Overview
The member-owned retailer, which runs more than 2,500 food stores and provides funeral, insurance and legal services, posted a £45 million ($59.89 million) underlying operating loss for the six months ended July 4, compared with a £32 million loss a year earlier.
($1 = 0.7514 pounds)
(Reporting by Yamini Kalia in Bengaluru; Editing by Subhranshu Sahu)
