Co-op profits rise despite record shoplifting levels in food stores

Chain signs up 1m new members and invests more than 90m in cutting prices

Despite record levels of shoplifting in its food stores, the Co-op increased profits in its grocery business last year as it signed up 1 million new members and invested more than 90m in cutting prices, including introducing special discounts for members.

Profits rose 11% year on year to 154m despite a 6.4% fall in sales to 7.3bn, driven by the sale of the Co-op's petrol forecourt chain to Asda. Underlying sales rose 4.3%, excluding the impact of that deal, although that was still well behind the pace of grocery inflation.