THE Co-op Group saw profits fall over the past year as it grappled with food inflation, rainy weather dampening convenience shopping, and the highest ever levels of shoplifting, the retailer said.
The retail-to-funerals business, who has stores right across North Wales - in Deganwy, Rhos-on-Sea, Rhyl, Denbigh, just to name a few - said it had invested millions of pounds in lowering prices as competition heated up between supermarkets.
It revealed its pre-tax profit fell by ?240 million to ?28 million in 2023, compared with 2022.
Co-op said that 2022?s profit figure was skewed by a boost from the sale of its petrol forecourts business to Asda.
The two supermarket giants had reached a ?600 million deal to hand over its 132 petrol stations during the second half of the year.
Nevertheless, group net debt was trimmed to ?82 million, from ?322 million in 2022.
It also revealed that revenues dipped to ?11.3 billion in 2023, from ?11.5 billion the previous year.
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