Co-op’s boss has admitted that supply issues are ‘still a huge challenge’.
Amid shortages of broccoli, lettuce and sunflower oil on the retailer’s shelves, interim chief executive Shirine Khoury-Haq, who will permanently replace Steve Murrells in the top job next month, said ‘price rises are a given’ as higher supply costs add to an array of inflationary pressures.
A sign of the times: Shirine Khoury-Haq said the business has to be prepared for ‘further volatility’ and be well-positioned to react to further supply issues
Bosses said the business also saw significant cost increases away from its retail side, with inflation in coffin materials affecting its funeral arm.
Khoury-Haq said the business has to be prepared for ‘further volatility’ and be well-positioned to react to further supply issues.
The Co-op said pre-tax profits dropped to £57m last year from £127m in 2020, after revenues declined to £10.2billion for the year from £10.5billion a year earlier, as more people returned to pre-pandemic habits.
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