Despite facing inflationary pressure and a volatile external environment, the Co-operative Group held its operating profit at £100mln for 2022.
The group's Food business saw a revenue increase of £134mln, reaching £7.67bn for the full year, while wholesale revenues grew by £53mln, totalling £1.44bn.
These results come amid turbulent economic headwinds and ongoing inflationary pressures.
The Co-op credited its Pure Convenience initiative, launched in September, for improving its focus on convenience and value, with weekly transactions rising 5% to 16.4mln.
The group's online business also continued to expand, with a 24% revenue increase. Online delivery services are now available from 1,800 stores across the Co-op network.
Cost control measures, such as reducing energy consumption in stores and prioritising spending, have helped the group manage external challenges.
The Co-op recently opened a new regional distribution centre in Biggleswade, Bedfordshire, which can handle two million cases of frozen, ambient, and fresh products weekly.
Shirine Khoury-Haq, chief executive, expressed confidence in the group's foundation for growth and emphasised plans to grow membership and strengthen relationships with existing members. She also thanked colleagues for their hard work and support throughout the year.