Skip to content
  • Tuesday, May 17, 2022
nexistente

nexistente

Delighting business buffs

  • Business Opportunities
  • Business Development
  • Business World
  • Business Supply
  • Business Center
  • Business Plan
  • About Us
    • Advertise Here
    • Contact Us
    • Privacy Policy
    • Sitemap
  • real estate school jacksonville fl
  • Home
  • Co-op boss says supply issues ‘still a huge challenge’ amid product shortages
Business Supply

Co-op boss says supply issues ‘still a huge challenge’ amid product shortages

April 12, 2022
magenet


The new boss of the Co-op has warned that supply disruption continues to be a “huge challenge” amid shortages of broccoli, lettuce and sunflower oil on the retailer’s shelves.

Interim chief executive officer Shirine Khoury-Haq, who will permanently replace Steve Murrells in the top job next month, told the PA news agency that “price rises are a given” as higher supply costs add to an array of inflationary pressures.

Allan Leighton, chairman of the group, added that inflation was currently “in the ballpark of 4% to 5%” as the retailer committed to pumping money into keeping key items affordable amid the cost-of-living crisis.

Related Posts:

  • Georgia business owner details supply chain 'nightmare'

The company said it had invested £18 million in price reductions over the past year and will hold the price of around 1,000 popular products.

Bosses said the business also saw significant cost increases away from its retail business, with inflation in coffin materials affecting its funeral arm.

Ms Khoury-Haq said the business has to be prepared for “further volatility” and be well-positioned to react to further supply issues.

“These issues are not going to go away any time and it is very multi-faceted so we need to work hard to protect our customers and suppliers,” she said.

“The supply side of things is still a huge challenge globally.

“For example, flooding in Spain has impacted green vegetables like broccoli and lettuce so we have to switch those out in some products.

“Similarly, the situation in Ukraine has impacted sunflower oil and that is being replaced by rapeseed oil, so we recognise that things are still changing all the time.”

Allan Leighton

Allan Leighton (PA)

It came as the historic business reported a plunge in profits and widening debts after the supply crisis in the second half of 2021 led to increased costs.

The Co-op said pre-tax profits dropped £57 million last year from £70 million in 2020, after revenues declined to £10.2 billion for the year from £10.5 billion a year earlier, as more people returned to pre-pandemic habits.

It also revealed that its net debt widened to £920 million for the year from £550 million in 2020, due to higher spending on stock amid supply disruption and increased investment.

However, the company added that it has already “significant reduced” its debts this year.

Mr Leighton added: “The past year has been a challenging one for our Co-op, but we continued as planned with our investment strategy to strengthen our Co-op’s future state.

“I would like to thank our colleagues across the business whose passion and support continues to inspire and drive us forwards.

“We would all like to thank Steve Murrells for his outstanding contribution to our Co-op over the past 10 years and congratulate Shirine Khoury-Haq on her appointment.

“The economic headwinds look stark and will be tricky to navigate but through our continued planned strategic investments our Co-op is well placed to ride out the storm and prosper beyond.”



Source link

Tags: Amazon Business Credit Card, American Airlines Business Class, Att Business Login, Austin Business Journal, Best Bank For Small Business, Best Business Bank Accounts, Best Business Schools In Us, Best Business To Start, British Airways Business Class, Business Attire Men, Business Card Ideas, Business Casual Shoes For Women, Business Continuity Planning, Business Entity Search, Business Letter Template, Business Management Degree, Business Manager Facebook, Business Plan Outline, Business School Rankings, Colorado Business Search, Delaware Business Entity Search, Drop Shipping Business, Family Business Bet, Fox Business Live, Georgia Sos Business Search, Google Business Account, Harvest Small Business Finance, How To Build Business Credit, Is Saturday A Business Day, Is Sears Still In Business, Microsoft 365 Business, My Business Google, Name Generator Business, None Of Your Business, Ny Sos Business Search, Open A Business Bank Account, Pa Business Search, Plus Size Business Casual, Pnc Business Banking, Sos Business Search Ca, Sunbiz Business Search, Taking Care Of Business, The Business Of Being Born, Turbotax Home And Business 2020, Tx Sos Business Search, Venmo For Business, Verizon Business Plans, Virtual Address For Business, What Are Business Days, Women Business Casual

Post navigation

Wunderlist co-founder Christian Reber raises funding for Superlist
Ad of the Month – The Story

Recent Posts

  • Asia has lower risk of recession than other regions: Moody’s Analytics
  • What Does it Mean to Be HR Compliant? – MCDA CCG, Inc
  • FastBlade tidal turbine testing site opens in Scotland
  • Tom Brady reveals his NFL retirement plan is in the broadcast booth, but has ‘unfinished business’ with Bucs
  • 18 Tips to Humanize your Business with Video Marketing

Categories

  • Business Center
  • Business Development
  • Business Opportunities
  • Business Plan
  • Business Supply
  • Business World
  • Finance
  • General
  • Health
May 2022
M T W T F S S
 1
2345678
9101112131415
16171819202122
23242526272829
3031  
« Apr    

Tags

Amazon Business Credit Card American Airlines Business Class Att Business Login Austin Business Journal Best Bank For Small Business Best Business Schools In Us Best Business To Start British Airways Business Class business Business Casual Shoes For Women Business Continuity Planning Business Entity Search Business Letter Template Business Management Degree Business Manager Facebook Colorado Business Search Delaware Business Entity Search Drop Shipping Business Family Business Bet finance Fox Business Live Georgia Sos Business Search Google Business Account Harvest Small Business Finance How To Build Business Credit insurance Is Saturday A Business Day Is Sears Still In Business money My Business Google Name Generator Business None Of Your Business Ny Sos Business Search personal Plus Size Business Casual Pnc Business Banking Sos Business Search Ca Taking Care Of Business The Business Of Being Born Turbotax Home And Business 2020 Tx Sos Business Search Venmo For Business Verizon Business Plans Virtual Address For Business Women Business Casual

buy backlinks

Intellifluence Trusted Blogger

BL

LP

TL

Visit Now

defense travel system

You may Missed

Business World

Asia has lower risk of recession than other regions: Moody’s Analytics

May 17, 2022
magenet
Business World

What Does it Mean to Be HR Compliant? – MCDA CCG, Inc

May 17, 2022
magenet
Business Supply

FastBlade tidal turbine testing site opens in Scotland

May 17, 2022
magenet
Business Plan

Tom Brady reveals his NFL retirement plan is in the broadcast booth, but has ‘unfinished business’ with Bucs

May 17, 2022
magenet
Copyright © 2022 nexistente
Theme by: Theme Horse
Proudly Powered by: WordPress
This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Cookie settingsACCEPT
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT