The Co-operative Group has reported a significant increase in the cost of crime in its stores, with theft and fraud soaring by nearly 20% to £40m in the first half of the year. The company has spent £18m on measures to protect staff, including body-worn cameras and fortified kiosks. Despite this, the grocery chain took a hit of £39.5m from theft and fraud, with four colleagues attacked daily and 115 seriously abused. The group attributed the rise in shoplifting and violence against shopworkers to organised criminals rather than individuals stealing to survive.
However, the group returned to profit in the first six months of 2024, reporting pre-tax profits of £58m, compared to losses of £33m the previous year. The company plans to expand with new stores and possible acquisitions, with food sales rising 3.2% and underlying earnings increasing by 10% in its retail division.
The Co-op also revealed a rise in wage costs due to an increase in pay to match the national living wage. The company was helped by rising numbers of members and plans to open 120 new retail stores across the UK by the end of 2025. CEO Shirine Khoury-Haq expressed support for government plans to make shoplifting a standalone offence, calling for the change to take effect as soon as possible.
Overall, the Co-operative Group has faced challenges from rising crime in its stores but remains optimistic about its future growth and profitability.
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