The food retail division of British co-operative Co-op has delivered a revenue increase of 1.9%, reaching £7.4bn ($9.7bn) for the fiscal year 2024 (FY24).
The growth has been driven by strong multichannel sales across both physical stores and digital platforms.
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The cooperative has witnessed a 46% surge in online sales, up to £460m from £315m the previous year.
The food retail segment’s underlying operating profit climbed £28m in FY24, reaching £201m compared to £173m in fiscal 2023.
During the year, Co-op allocated £88m to reduce food prices for its members, while investing £82m in its estate and another £35m in technological advancements.
However, the company’s wholesale segment experienced a downturn, with revenue decreasing 5.5% to £1.4bn in FY24 from £1.5bn in FY23.
This segment faced a loss of £1m – a stark contrast to the £14m profit of the previous year. This is attributed to ongoing market challenges and deliberate price reductions on numerous products to support partners.
Co-op’s franchise revenue saw a substantial rise of 31% to £74m in FY24 from £56m in FY23.
The company inaugurated 20 new franchise locations, including its first ventures within NHS and Ministry of Defence sites, and seven new stores under the EG On The Move brand.
The cooperative has set the ambitious target of doubing the number of new franchise stores by 2025, with a promising lineup of openings planned, including additional university and NHS locations.
Co-op, which also operates across the life services and insurance sectors, reported total revenue of £11.3bn in FY24, and an underlying operating profit of £131m – an increase of £34m from the previous fiscal year.
The company’s membership saw a notable uptick of 22%, growing to 6.2 million from 5.1 million in 2023, This aligns with its objective of reaching eight million members by 2030.
The company remains committed to expanding its business footprint, aiming to inaugurate 120 new stores across its retail and franchise divisions by the end of 2025.
Co-op chair Debbie White stated: “These results show that our strategy on delivering for our member owners whilst also delivering long term financial and operational progress is working. I’m particularly delighted we have increased our active membership by 22%.
“I’d also like to extend a thank you to each colleague for their focus and hard work in delivering these results on behalf of our members.”
In March 2025, Co-op initiated a pricing strategy aligning the cost of more than 100 essential items with those found at Aldi.
