Co-op Announces Profit Increase and Strategic Growth Amid Challenges

The Co-op Group reports an 11% rise in profits for its grocery business despite facing record shoplifting levels and a challenging market.

The Co-op Group's grocery business profits rose 11% year on year to £154m, even as overall sales fell 6.4% to £7.3bn due to the sale of its petrol forecourt chain.
Shoplifting incidents at Co-op food stores hit a record high, with over 336,270 incidents reported, marking a 44% increase from the previous year.
The company signed up 1 million new members and plans to increase its membership to 8 million by 2030, investing £100m in special member discounts.
Co-op's total group sales dipped 1.7% to £11.3bn, but pre-tax profits for the group slumped by almost 90% to £28m, largely due to the sale of the petrol forecourts.
The retailer is focusing on strategic growth plans, including opening franchise outlets in hospitals and petrol stations and partnering with Just Eat for rapid grocery market growth.