Co-op profit rockets ahead of supermarket 'trolley wars' as it reveals membership surge

The Co-op has announced a significant surge in profit for 2024, just as the grocery sector braces for potential 'trolley wars.'

The Manchester headquartered group's revenue remained largely steady year on year, with a slight increase of 0.2 per cent to £11.3bn, while its underlying profit saw a substantial rise of 35 per cent to £131m, as reported by City AM.

Operating profit more than doubled from £66m to £151m, and profit before tax experienced an almost six-fold increase from £28m to £161m.

The Co-op attributed this profit boost to increased operating profits and improved returns on Funeralcare plan investments.

The Co-op operates across various sectors including food retail through convenience stores, wholesale via Nisa, funeral care, legal services, and insurance.

The number of active Co-op members, who collectively own the business, grew by 22 per cent to 6.2m, up from 5.1m in 2023, and is "on track" to reach 8m by 2030.

Co-op chair Debbie White said: "These results show that our strategy on delivering for our member owners whilst also delivering long term financial and operational progress is working."

She added: "I'm particularly delighted we have increased our active membership by 22 per cent.

"We continue to focus on long term profitable growth, creating more value for all our member owners and the communities they live in," White further stated.

Last month, the Co-op invested over £70m to match Aldi's prices on 100 everyday essentials for its members.

Co-op, the UK's seventh-largest supermarket as per Kantar data, has not seen an increase in market share in recent years. It took 5.3 percent of the market in the 12 weeks to March 24, 2025, down 0.1 per cent year on year, according to Kantar. But it has been growing in the convenience space - its share of the quick-food market has grown 0.6 per cent year on year, according to Circana.

The retailer's strategy to slash prices is aimed at drawing cost-conscious customers amid a challenging economic climate where brand loyalty is low.

Yet, with major supermarkets, including a rejuvenated Asda management, prepped to cut prices, industry analysts are cautioning that intense competition, or 'trolley wars,' may soon intensify within the grocery market.

Co-op CEO Shirine Khoury-Haq expressed optimism despite the tough times: "While broader economic challenges remain, our businesses are delivering strongly against the market and I'm proud that we continue to provide support to our colleagues, members, and their communities through the continued cost of living challenges they face."