Co-op warns of £200m coronavirus costs as profits rise
The Co-op has warned that it faces additional costs of more than £200m associated with the coronavirus crisis as it ramps up efforts to “feed the nation”.
The convenience food specialist said the extra outgoings will only “in part” be offset by business rates relief and increased food sales during the pandemic.
Despite that backdrop, the Co-op insisted it would continue to “deliver sustainable growth [and] add value for members and for communities”.
The mutual’s message came as it delivered an increase in profitability during the year to January 4.
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