The Co-op bounced back into profit in the first half, despite being hit hard by shoplifters.

Profits across the group rose to £58m, up from a £33m loss for the same period last year, as reported by Retail Gazette.

Sales in the food business were up 3.2% to £3.7bn, with underlying operating profit increasing 10% to £85m. That is despite costs from fraud and theft reaching £39.5m, a rise of 19%.

The food business also absorbed £39m in wage increases, as part of its commitment to paying the Real Living Wage, and invested £55m into price.

The Co-op said its performance for the half was "significantly ahead" of the convenience market as a whole.

The retailer plans to open 120 more stores across retail and franchise by the end of next year.