Co-op lost £80m from shoplifting in 2024

Co-op reported that groceries worth £80m were stolen from its stores last year amid the rise in retail crime.

The convenience store chain said stock losses from shoplifting were up more than 14% last year, up from the £70m hit it took in 2023, despite it spending more than £200m on prevention.

Poundland took a £40m hit from shoplifting last year, while Primark’s owner has previously said theft was costing the fashion chain more than its £70m business rates bill.

The increase in goods stolen at Co-op comes as the retailer warned it faced a £80m bill from the increase in employers’ National Insurance contributions and the extended producer responsibility (EPR) rules.

Chief executive Shirine Khoury-Haq said: “As we move through 2025 we expect to continue to see headwinds strengthen in the form of wider external pressures and volatility with broader geopolitical issues and increased cost inflation.

“We’re already seeing coming through National Insurance and extended producer responsibility charges, which represent an additional £50m and £30m pounds respectively, that our business will need to cover.”

It comes has the retailer reported its pre-tax profits had quadrupled from £28m to £161m in the year to 4 January, despite group sales remaining flat at £11.3bn.

In its food business, underlying operating profit surged 16% to £201m as sales edged up 1.9% to £7.4bn, driven by strong sales across its network.

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