Graphic showing the two key figures from our Co-op difference

Colleagues,

We say our Co-op is a different and better way of doing business. Well, this morning we’re proving it.

Our half-year report to members sets out how we did between January and the end of June and covers our sales and profit numbers, as you’d expect from any big business.

But as a Co-op we exist to do more. We’re here to create value not just for a small number of shareholders in the City of London but for every one of our 4.5 million members and for the communities where they live. And we’re doing just that.

Our ‘member value’ is being created because we’re running our businesses successfully. So in the first half of the year we’ve given back £29m through the 5% member reward and have shared out £6m to 4,000 local community causes through the 1% reward.

And we’re creating member value in other ways too. Through the campaigns we’re championing to tackle Loneliness, Modern Slavery and Water poverty; through our commitment to British farmers and our Fairtrade partners; through fair funerals and by helping young drivers to keep safe; through our ten Co-op Academy Schools raising standards and creating local pride; through our recruitment of dedicated Member Pioneers; and through taking on 100s of new Co-op apprentices.

The news release we’ve issued to the media this morning reflects our different way of measuring Co-op performance, measures that no other business can match. You can also read the blog post I’ve written to members.

The infographic below shows the highlights from our report.

Graphic showing key highlights across the Co-op Group for the 2017 interim results

Click to open a PDF version of the above graphic.

There are also specific updates for colleagues in each of our Co-op businesses:

Thank you

We’ve made great strides in rebuilding our Co-op over the last three years and none of that could have happened without you.

Looking ahead, the markets we’re in remain as competitive as ever and to keep up, and stay ahead, we constantly have to challenge ourselves to be the best we can. That means change becomes a constant for many of us. I know that’s unsettling and difficult at times and it puts a lot of pressure on our front line colleagues especially. My job, and the job of managers across our Co-op, is to support your work and create change that make sense for you as well as for our members and customers.

So, finally, let me say a huge thank you to every one of you. As Co-op colleagues you are our most passionate and committed members. Day in and day out, it’s you that explain why membership is meaningful, and you that deliver our Co-op value that proves we truly are a better way of doing business.

Steve

Join the conversation! 21 Comments

  1. i would like some clarification regarding the discounts.
    I am a ‘Group Member’ my local store is a Central England CO-OP. I have failed to get double discount either of the 2 times we have been supposedly getting it. When I queried it the second time the lady behind the counter said that we only get double discount after payday. I queried it with member services to be told that the store – is a Central England Co-operative where we don’t offer discount to our group employees at these stores. i have also mentioned the 5% / 1% for local charities and the 3 assistants at the store ‘hadn’t heard of that!’ Are we still operating with all the different societies differently??? The quote about Group employees not getting discount is a direct quote from my e-mail reply from member services. Please clarify

    • Hi Steve. If you’re a colleague working for any of the Co-op group businesses (Food, Funeralcare, Insurance, Legal Services, Electrical) and have ‘colleague member’ on your card you’ll only receive double discount in Co-op group stores. Double discount used to be after every pay day but now it’s on special dates like Easter, Christmas, Bank Holiday etc. Member Services gave you the right information. 5% and 1% has not yet been taken on by any other societies – but this may happen in the future. You can find out more about colleague discounts here https://colleagues.coop.co.uk/benefits/colleague-discounts Hope that helps. Thanks ^Rachel

  2. […] following the publication of our interim results, our CEO, Steve Murrells, gave his thoughts on the results and what’s important for our Co-op […]

  3. […] This morning, Steve Murrells was on BBC Breakfast to talk about our Co-op difference and our interim results. […]

  4. Great results in a very competitive market. I especially like the way we call out the ‘Co-op difference’ before we talk about turnover and profit. I don’t see any other retailer doing this and it truly does make us different, for the right reasons.

    On a side note, it’s disappointing, after the major investment in the new branding to see the majority of national press and media all using older ‘Co-operative’ images. Do we accompany our press releases with up-to-date images they can easily use?

    • Hi Keith,

      Yes, it is a bit disappointing. Our PR colleagues always provide up-to-date images to the media – and follow-up with them when they’ve used pictures with our old branding. Great though, that we have such a positive message to share today!

      Wendy

  5. Its sad that the 2 monthly “double discount “days have not been re introduced. I and many other colleagues used to do my monthly shop at my co op store but since its demise ( and made much more less frequent is Xmas and Easter ) I no longer do and sadly feel the need to shop at one of our low cost competitors which is a shame.
    I also was not aware the co op had ” shareholders ” ( see Steve’s report)
    I thought with the exception of the Bank it was exclusively owned by its members

    • Hi Tim, sorry that you feel this way about the double discount days. I know this decision – which was not taken lightly – was explained earlier in the year now we have 5% back everyday (on top of our 10% discount) instead of just 10% extra on two days a month. I can only speak for myself, but I can say that I’ve definitely got more from my 5% rewards this year than I ‘saved’ in the extra double discount amount through the whole of last year (but as I say, that’s just me!).
      Can you clarify your shareholders comment though please? In his text above he says that we’re not like other businesses that service just shareholders and the references I can see in the report itself talk about Bank and Travel shareholders? Our members own equal shares in our Co-op for their £1 membership.
      Thanks, ^Kevin

      • “We’re here to create value not just for a small number of shareholders in the City of London but for every one of our 4.5 million members”

        • Thanks Jonathan. I think this is a reference to how we’re different – read it as ‘we’re not just here to create value for a small number of shareholders in the City of London [like other PLCs], but [we are here to create value] for every one of our 4.5million members.’
          Thanks, ^Kevin

  6. Why can’t we have a pc in store where customers can buy our electrical items on line and smaller items delivered to store for them to collect? Some of our smaller towns have no where to buy electricals!

    • It’s called listen act and fix… Different avenues for this mate. Not saying it’s a bad idea at all

    • This is a brilliant idea. Our Electrical offer is fantastic and we don’t shout about it loud enough. A clear win would be to also allow online shoppers the chance to have the item delivered to a local store. Electrical have stopped delivery to the Highlands of Scotland i.e. Inverness, one of the biggest catchment areas of shoppers in Europe. If we want to grow Electrical and turn a profit surely allowing Buy and Collect / Order Instore would generate more business. 🙂

    • Liking the idea. I’ve heard of some stores where we have Amazon lockers seeing things delivered there that we could provide too. Definitely one for listen act and fix for our future. I think we have to be careful about a PC in store for customer use… be interesting how the hours would be set up for managing that one! I know some people are looking at a PC/iPad type solution to helping members sign up in store… sounds like we could be cleverer than that with any hardware we invest in. Good cross business thinking… thanks. ^Kevin

    • It would be useful to have some electrical items delivered to store for collection

  7. Fabulous news! Colleagues get 10% discount & NUS extra card holders also discount! I do understand why this is so! But couldn’t colleagues be rewarded a little bit extra? We also used to get a bonus depending on these results but that was stopped & we understand why! But why hasn’t it been re-introduced?

    • Hi Nicola. Thanks for your comment. We have a very competitive benefits package for all our colleagues here: http://coop.uk/2hkMd5L ^Ian

      • Still not a bonus in your pay packet. I work at lea green depot. All management got bonuses last year. What about the real work force getting some bonus.

    • If you are near a Southern co-op food they still give staff card holders, including us, 20% payday discount, every month, and their payday weekend is always the week after us, helps a lot as they sell all our co-ops favourites. Other Co-ops may do the same, I only know about this area I am afraid. I feel that way we are still supporting a Co-op.

    • Hi Nicola, I’m not sure about bonuses being awarded as part of interim results. I know there are different schemes across different businesses and I’ll try and find out some more info about those for you (or certainly ask your manager about any incentive scheme related to where you work).
      In terms of the NUS cards, yes, as you perhaps appreciate it’s an incentive to attract more people to shop with us – specifically targeted at students during those formative years with a view to attract them as members early on life. But certainly colleagues get a much better range of benefits, from our pension payments through to seasonal double discounts, plus access to the whole range of shopping, travel and leisure benefits through the benefits site (I know that’s only any use if you use the things its one, but I’ve saved loads on cinema trips and airport car parking this year!).
      What do you think of the different way we’re showing our results this time – demonstrating our Co-op difference to the market instead of just another set of numbers?
      Thanks, ^Kevin

      • @Nicola, I said I’d come back with any info about bonus/incentive schemes linked to half year results. Unfortunately, I can’t seem to find anyone who can recall what it is you were talking about.. can you enlighten me more please with when the scheme was and what it was that paid out on half year results? Thanks ^Kevin

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CEO message, Results