The co-op has seen a rise in sales over the first six months thanks to the pandemic, as customers ate out less and stayed closer to home.
In the six months ending 24 July, food sales at the grocery chain rose 8%.
The supermarket, however, has been hit with high Coroa-related costs that are expected to reach £97m over the year, which is in the form of additional employees and personal protective equipment (PPE).
Revenues increased by 7.6% to £5.8bn for the 26 weeks to 4 July.
Steve Murrells, the chief executive, said on BBC’s Today programme: “We’re finding that when lockdowns happen… the average basket size doubles, but also local deliveries are very popular,” and that “people are shopping more locally during the crisis”
Murrells said in a statement: “We are living in unprecedented times, but the response of our Co-op has been exceptional and I’m immensely proud of my 60,000 colleagues who’ve helped to feed and care for the nation during this difficult period.”
“The coming months and years remain uncertain, and we know our own Co-op will not be immune to the pressures the recession brings to family budgets and to local and national economies. We will continue to invest within our core businesses to ensure that our Co-op value resonates within Co-op households and local communities.”