Co-op profits and sales drop as crime levels reach record high
The Co-op has reported a fall in profits and sales in the full year ending 2023 as it faced challenges due to increased levels of shoplifting and inflationary headwinds.
For the 53 weeks ending March 2023, the grocer’s profit before tax fell to £28m down from £268m in 2022, while underlying EBITDA was “broadly flat” at £468m down from £473m reported at the same time last year.
Group sales decreased to £11.3bn as compared to £11.5bn in 2022, but increased £500m when excluding the impact of its petrol forecourt sale.
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