Co-op has reported group profits of £58mn for the first half of 2024, compared to a £33mn loss the same time last year.
The convenience retailer has credited its membership growth, which climbed 20% to 5.5mn (H1 2023: 4.6mn), and remains on target to reach 8mn members by 2030.
Debbie White, chair of the Co-op , stressed that their member owners are “central to plans and at the heart of our Co-op”.
Co-op did recognise that the market remains challenging with “external headwinds and contraction in the wider food retail convenience market”. It also faced a 19% increased in theft and fraud, costing the company £39.5mn (H1 2023: £33.3mn). Co-op will continue to focus on campaigning on behalf of its colleagues and members against retail crime.
Shirine Khoury-Haq, chief executive of the Co-op, explained: “We have delivered a strong performance for the first six months of this year as our strategy starts to gain real momentum. Although the external environment remains challenging, it is testament to the underlying strength of our Co-op that we have outperformed in all our markets while significantly increasing our investments in our colleagues, pricing and in the growth of our businesses.”
Co-op’s largest business unit Food saw sales increase by 3.2%, with the highest growth seen in its Legal Services – up by 35%. The grocer pledged to invest £55mn more in food prices, including branded items for the first time, taking the total to 298 member prices available at end of H1. Co-op added its member prices to its online store at the end of March.
Additionally, quick commerce sales were up 62%, reaching £217mn (H1 2023: £134mn) as Co-op aims to be the largest grocery provider on Deliveroo, Just Eat and Uber.
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