No done deal on Lloyds as LFL sales drop at the Co-op
Mutual giant, the Co-operative Group, says like-for-like (LFL) food sales are recovering as it mulls a possible offer for a network of Lloyds bank branches.
Mutual giant, the Co-operative Group, says like-for-like (LFL) food sales are recovering as it mulls a possible offer for a network of Lloyds bank branches.
The company's food division, operating in an "increasingly tough" market, produced an underlying operating profit of £309m in 2011 versus £389m in 2010.
LFL sales steadily improved during the year, from -3.6% at the half year to -0.4% in the second half, making the full year -2.1% and Thursday's update says the trend has continued to improve in 2012.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The banking division turned in an underlying operating profit of £201m (2010: £202m); with a core tier one ratio of 9.6% and an improved loan to deposit ratio of 94%.
The group's other specialist businesses contributed operating profit of £99m (2010: £90m).
Although the Co-op has been named the preferred bidder for a network of 632 Lloyds branches the Co-op's Chief Executive, Peter Marks, said: "This is a complex deal and there is no certainty we will reach a final deal."
The Co-op also says it will begin to offer legal services through its current bank branches.
Overall operating profit rose 0.5% on 2010 to hit £585m while profit before tax dropped 5.8% to £373m.
The dividend has been decreased to 1.75p per point from 2p in 2010.
BS
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
-
UK-US trade deal announced: US cuts tariffs on UK car imports to 10%
Keir Starmer and Donald Trump have announced a UK-US trade deal, but the US president has refused to lift baseline tariffs on most UK goods. What does it mean for the UK?
-
How to use mid-caps to diversify from the US
Medium sized companies are overlooked by investors but could offer an attractive ‘sweet spot’. We consider the case for mid-caps amid market volatility.