Finance
Britain's Co-op says retail crime cost it $105 million in 2024
Published by Global Banking & Finance Review®
Posted on April 3, 2025
2 min readLast updated: January 24, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on April 3, 2025
2 min readLast updated: January 24, 2026
Co-op Group reports a $105M loss from retail crime in 2024, despite a 35% rise in operating profit. Retail crime remains a significant issue in the UK.
LONDON (Reuters) -Britain's Co-op Group said on Thursday that losses from shoplifting in its food retail business rose by over 14% to 80 million pounds ($105 million) in 2024, or more than half of its adjusted operating profit.
The group, which trades from over 2,300 food stores across the UK, has been one of the worst hit retailers by a surge in thefts in recent years.
As in the United States and elsewhere, retail crime is a huge and growing problem in Britain, highlighting the financial straits of some consumers and also stretched policing resources.
Industry body the British Retail Consortium's annual crime survey, published in January, found more than 20 million incidents of theft were committed in the year to August 31, which equates to 55,000 a day, costing retailers 2.2 billion pounds. There were 16 million incidents in the previous year.
Despite the increased losses from crime, the 181-year-old Co-op, which also has funeral care, legal and insurance businesses, reported a 35% increase in annual operating profit, reflecting an improved performance from its main food business.
But it highlighted pressure this year from "broader geopolitical issues", as well as higher employer National Insurance contributions and a new packaging levy.
Owned by its 6.2 million members, the group said underlying operating profit, its preferred profit measure, was 131 million pounds in the year ended January 4, on flat revenue of 11.3 billion pounds.
"While broader economic challenges remain, our businesses are delivering strongly against the market," CEO Shirine Khoury-Haq said.
The Co-op's food stores, which have a 5.2% share of Britain's grocery market, reported a 1.9% rise in revenue to 7.4 billion pounds.
Last month, the Co-op said it would price match discounter Aldi on more than 100 key items for its members, a move analysts saw as a response to a major campaign of price cuts by Asda.
($1 = 0.7625 pounds)
(Reporting by James Davey. Editing by Jan Harvey and Mark Potter)
Co-op Group reported losses from shoplifting in its food retail business rose to 80 million pounds, which is approximately $105 million in 2024.
The Co-op Group experienced a more than 14% increase in losses from retail crime.
Co-op's food stores hold a 5.2% share of Britain's grocery market.
Co-op highlighted pressure from broader geopolitical issues, higher employer National Insurance contributions, and a new packaging levy.
Co-op's underlying operating profit was 131 million pounds for the year ended January 4, despite flat revenue of 11.3 billion pounds.
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