Co-operative Group

New CFO for Co-op

Shirine Khoury-Haq

Shirine Khoury-Haq has been named chief financial officer of grocery and funeral homes business Co-operative Group.

She joins in the summer and replaces Ian Ellis, whose retirement was announced late last year.

She was previously chief operating officer of the Lloyd's of London insurance market.

Co-op boss: 'Food prices edging up as pound devalues'

Andrew Marr spoke to the Chief Executive of the Co-operative Group Steve Murrells

Co-op in "better situation than most" on Brexit supplies

Chief Exec Steve Murrells told BBC Breakfast about their Brexit preparations.
Pre-tax profits are up by over a quarter at the Co-op group in their latest full year results. The group has 1,000 funeral homes, 2,600 supermarkets and supplies another 5,000 stores. Food sales are up 4.4%. Chief Exec Steve Murrells told BBC Breakfast's Ben Thompson that they were "in a better position than most" on preparations for any no-deal Brexit in terms of their supply chain.

Co-op boss: Food has been a stand-out

Today Programme

BBC Radio 4

Co-op food worker

Co-op chief executive Steve Murrells has been talking to Radio Four's Today programme about the financial results.

"Food has been a real stand-out for us," he says. "We are focused on being the best convenience retailer we can be.

"People are coming our way, because we are starting to resonate with the things we care about."

He said as an example the firm was making an investment from its £50m pension fund into social housing.

Co-op revenues and profits rise

Co-op bag
Co-Op Group

Total revenues at the Co-op grew by 14% to £10.2bn during 2018, driven by its acquisition of Nisa and a strong performance from food.

Like-for-like revenues continued to grow in food, up 4.4%, and the Co-op has now seen five consecutive years of like-for-like revenue growth.

Chief executive Steve Murrells said: "The acquisition and integration of the Nisa wholesale business has been a game changer in expanding our food footprint."

Profit before tax from continuing operations was up 27% to £93m.

Asda now UK's second largest grocer

Asda shopping basket

UK supermarkets saw their sales grow over the 12 week period to 24 March, except for Sainsbury's and Morrisons which both had slight sales drops, according to Kantar, publishing its latest sector report.

Aldi sales grew 10.6% with London its fastest growing region. More people are now visiting Aldi than Morrisons.

While Asda's sales grew only 0.1%, it has crept up to become Britain's second largest retailer.

Here's how market share now looks for the grocers:

  • Tesco 27.4%
  • Asda 15.4%
  • Sainsbury's 15.3%
  • Morrisons 10.3%
  • Aldi 8%
  • Co-op 6.1%
  • Lidl 5.6%
  • Waitrose 5%

Co-op says sorry

Responding to that slap on the wrist from the Groceries Code Adjudicator, Jo Whitfield, food chief executive officer, said:

We're sorry. We've gone to great lengths to put things right and have undertaken a root and branch review of all our supplier dealings. We were focused on rescuing the Co-op and doing right by consumers but we should have also given more thought to the potential impact those planned changes would have on our suppliers.