Co-op outlines balance sheet and cost of living support measures

The Co-op has said it is taking measures to strengthen its balance sheet and support members throughout the cost-of-living crisis.

The grocer says it's taking decisive management action to reduce operational costs, improve operational performance and prioritise capital expenditure.

The company attributed a significant improvement in cash generation to “strong cash flow management”, recording a £189 million reduction in net debt versus a £162 million increase in net debt over same period last year.

The Co-op has also committed to assist colleagues, members, and customers throughout the cost-of-living crisis.

The measures include raising the pay of 41,000 colleagues by 5.3 per cent and providing them with a 20 per cent food discount.

To help members and customers, £37 million has been invested to lower the prices of 120 key products with costs to be held into the New Year.

Commenting on the announcements, Shirine Khoury-Haq, chief executive of the Co-op, said: “We have great confidence in the underlying strength of the Co-op and all our businesses.”

She added: “Having faced into some tough decisions in the first half, focused on cutting costs and improving efficiency, we ended the period stronger both operationally and financially.”

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