Co-op Group profits fall by a third

Press Association
The Co-operative
The Co-operative

Profits at the Co-operative Group have fallen by a third after its food stores suffered amid "fierce" competition from supermarkets and its banking arm was hit by the recession.

The group, which last year admitted it was battling the toughest conditions for 40 years, said its 3,000-strong food store division was also hurt by the wet weather as people drove to supermarkets rather than walking to local shops.