Co-op warns of £200m coronavirus costs as profits rise

By Luke Tugby2020-04-24T08:46:00

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.

Subscription content

Please sign in now if you have a subscription or are already registered with us.

Register for free to continue reading

Retail-Week.com provides premium, in-depth intelligence that helps retailers judge risks, spot opportunities and identify what they need to do to win in the digital economy.

Two free article views per calendar month on Retail-Week.com
Detailed analysis of current trends and events
Exclusive newsletters
In-depth reports, videos, interviews and much more

Discover Retail Week register now

Please note, if you have recently purchased a subscription, it may take a few minutes before your account is updated.