Britain's Co-op warns supply chain disruption to hit full year profit
Reuters
Published Sep 16, 2021 07:24
Updated Sep 16, 2021 07:41
LONDON (Reuters) -British supermarket group the Co-operative Group on Thursday reported a first half loss and warned the country's supply chain disruption would put pressure on full year profit.
The group, which is owned by its members and also provides funeral and other services, said it made an underlying operating loss before tax of 15 million pounds ($20.7 million) for the 26 weeks to July 3, versus a profit of 56 million pounds in the same period last year.
The Co-op said the shortfall reflected planned investment in staff and the business, as well as significant costs, impacts on sales and profit erosion related to product availability issues and the ongoing effects of the COVID-pandemic.
Revenue fell 3.2% to 5.6 billion pounds.
"The unplanned supply chain challenges and ongoing COVID costs will bring greater levels of uncertainty. This will in turn apply pressure on our prior expected level of profitability for year end," the group said.
($1 = 0.7233 pounds)
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Written By: Reuters
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