The Co-operative Group returned to profit in the first six months of the year, despite having lost almost £40million due to shoplifting. The mutual reported a profit of £58million for the six-month period ending June. This is a significant improvement over the loss of £33million during the same time last year. It holds a 6.1% share of the UK groceries market. Other interests include funerals and insurance. The Co-op reported that it lost £39,5 million due to shoplifting in the first half of this year. This is up 19% from £33,3 million during the first six-months of 2023.
The group reported that the number of retail crimes increased by 4% in the first six months compared to the same period the previous year. The group recorded 172.008 incidents of theft and antisocial behavior at its food stores during the first half of the year. This is the equivalent of 950 crimes per day. Matt Hood, managing director of the food operations at the Co-op, stated that “the reality is four of our employees will be attacked every day, and another 115 will suffer serious abuse.” The monetary cost of this is minimal compared to my colleagues’ physical and mental health, who are faced with it every day.
The group had previously stated that retail crime is largely driven by repeat offenders. The Co-op has spent PS18million so far in this year to protect staff at convenience store with fortified booths and bodycams. In 14 stores, the company has begun testing artificial intelligence in order to detect hidden weapons and attacks against staff. The Manchester-based group will spend £27million on covert and uncovert guarding this year.
The Co-op is one of the most active campaigners to combat the increase in shoplifting in the face of the rising cost of living. The Co-op said the retail crime plan of the government was “positive”, and that the sooner the law is passed, the better.
The Co-op’s revenues increased by a small amount to £5.6 billion in the first six months of this year. This is a slight increase of 1.5 percent compared to the first six months of 2023. The group announced plans to open up 120 new stores before the end of 2025.
In the same period of last year, there were 4.6 million active members. This is up 20 percent. The Co-op stated that it was on track to reach its goal of eight million members by the end decade.
The Co-op is one of the largest consumer cooperatives in the world, employing almost 60,000 workers. The group has more than 2,300 shops, more than 800 funeral homes, and supplies products to over 5,000 stores including independent co-operatives and Nisa Retail.
Shirine Khoury Haq, chief executive, said, “We have performed better than the market across all three of our business units, despite operating in challenging sectors.”
The Co-op’s food division saw sales rise 3.2 percent in the period, to £3.7 billion. This avoided a larger weakness in convenience markets. The wholesale division’s sales fell by 2.9 percent during the period, to £698 millions.
It reported an increase of £39 million in its wage bill, as it increased employee wages to match the 9.8 percent rise in the living wage national in April 2024.
Post Disclaimer
The following content has been published by Stockmark.IT. All information utilised in the creation of this communication has been gathered from publicly available sources that we consider reliable. Nevertheless, we cannot guarantee the accuracy or completeness of this communication.
This communication is intended solely for informational purposes and should not be construed as an offer, recommendation, solicitation, inducement, or invitation by or on behalf of the Company or any affiliates to engage in any investment activities. The opinions and views expressed by the authors are their own and do not necessarily reflect those of the Company, its affiliates, or any other third party.
The services and products mentioned in this communication may not be suitable for all recipients, by continuing to read this website and its content you agree to the terms of this disclaimer.