Co-op reveals near-£40m hit from shoplifting as boss warns problem 'isn't going away'

But despite this, it took a hit of £39.5 million from theft and fraud in its shops in the first half – up 19 per cent on a year earlier – even as it ramped up campaigning on the issue.

Matt Hood, managing director of Co-op Food, said: “It isn’t going away.

“The reality is that every day four of our colleagues are attacked, up 34 per cent on 2022, and scarily a further 115 of my colleagues will be seriously abused, up 37 per cent on two years ago.”

But he added: “The investments we are making are working – our colleagues feel safer and we’re making them safer.”

Co-op chief executive Shirine Khoury-Haq said she was delighted that the Government is set to change the law to make shoplifting a standalone offence, but the group said it needs to come into effect “as soon as possible”.

The comments came as it said it returned to a half-year profit despite the hit from shoplifting and a soaring wage bill.

The retail-to-funerals business reported pre-tax profits of £58 million for the first six months of 2024, against losses of £33 million a year ago, and said its stronger balance sheet would allow it to expand with new stores and possible acquisitions.

Food sales rose 3.2 per cent across its retail stores as its membership base jumped by a fifth to 5.5 million, helping drive a 10 per cent increase in underlying earnings at the division, to £85 million.

Co-op’s half-year results showed that its wage costs jumped £39 million as it hiked pay to match April’s 9.8 per cent rise in the national living wage.

However, it has been buoyed by rising numbers of members as it invested £55 million in prices, putting it on track to reach its goal of eight million members by 2030.

Having returned to profit, the group also set out plans to open another 120 new retail stores by the end of next year across the UK.

The company has not revealed locations of where the stores could be but it is expected some will be in Yorkshire.

A spokesperson said: “There are currently just over 200 Co-op stores in Yorkshire and we would expect this to grow as part of our plans to open 120 Co-op stores over the next 18 months.”

Ms Khoury-Haq said the group would also consider acquisitions as it looks to grow.

She said: “All of our options are open. We continue to scan the market and where a good opportunity comes up we will look at it very strongly.

“I’m delighted that two years into my tenure we are in a position to do that.”