This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.bbc.co.uk/news/business-35984355

The article has changed 9 times. There is an RSS feed of changes available.

Version 1 Version 2
Co-operative Group hails year of further progress Co-operative Group hails year of further progress
(35 minutes later)
The Co-operative Group says it has made progress this year, with sales at both its food and funeral home businesses growing.The Co-operative Group says it has made progress this year, with sales at both its food and funeral home businesses growing.
Profit was £23m for the year, down from £124m last year, when the figure was boosted by a one-off gain of £121m from selling parts of its business.Profit was £23m for the year, down from £124m last year, when the figure was boosted by a one-off gain of £121m from selling parts of its business.
Sales in its 2,800 food stores grew 1.6%, to give a £250m profit.Sales in its 2,800 food stores grew 1.6%, to give a £250m profit.
The business has the largest chain of funeral homes in the country. Profits there were £78m as sales rose by 9.9%.The business has the largest chain of funeral homes in the country. Profits there were £78m as sales rose by 9.9%.
Group underlying profit before tax was £81m, up from £73m last year.Group underlying profit before tax was £81m, up from £73m last year.
'Large' reduction Recovery
Chief executive Richard Pennycook is taking a pay cut of 60%. He says the business is now back in calmer waters and the reduction reflects the revised demands of the current job. Chief executive Richard Pennycook is taking a pay cut of 60%. He says the business is now back "in calmer waters" and the reduction reflects the revised demands of the current job.
The Co-op statement says: "At his request, and with the full support of the board, the chief executive has agreed a very large reduction in his own remuneration package."
His base salary will fall from £1,250,000 to £750,000.His base salary will fall from £1,250,000 to £750,000.
The business is expanding in both food stores and funeral homes. "I have to lead from the front," Mr Pennycock told the BBC. But he said his pay reduction was "by no means the main news, which is about the recovery through our businesses which is down to the dedication of 70,000 colleagues".
The business is seeing growth in both its food stores and funeral homes businesses.
It said its convenience stores were outperforming the UK grocery market, because people's shopping habits were changing as they made more frequent trips to buy food.It said its convenience stores were outperforming the UK grocery market, because people's shopping habits were changing as they made more frequent trips to buy food.
Earlier this week, grocery research firm Kantar reported that the Co-op's sales had risen at their fastest rate since it bought rival Somerfield in 2011, climbing by 3.9%.Earlier this week, grocery research firm Kantar reported that the Co-op's sales had risen at their fastest rate since it bought rival Somerfield in 2011, climbing by 3.9%.
It plans to open another 200 funeral homes in the next three years, which will increase the size of its estate to more than 1,100 homes.It plans to open another 200 funeral homes in the next three years, which will increase the size of its estate to more than 1,100 homes.