"The Co-op revealed that it swung to an underlying pre-tax loss of £126 million in its latest financial year, compared with a £45 million profit the previous year."
"The company estimates the attack reduced revenues by £285 million and cut profitability by £107 million, including £86 million in lost margin and £21 million in additional costs."
"The disruption led to empty shelves in stores and altered shopping patterns, which continued to weigh on performance even after systems were restored."
"A letter sent to board members, reportedly from senior staff, described an environment of 'toxic culture' within senior leadership."
Shirine Khoury-Haq will resign as CEO of Co-op Group following pressure regarding workplace culture and a challenging financial year. The company reported a pre-tax loss of £126 million, down from a £45 million profit the previous year, with revenues declining by 2.3% to £11 billion. A major cyberattack significantly impacted operations, reducing revenues by £285 million. The food division experienced a 2% sales drop, and market share fell to 5%. Internal culture issues have also been highlighted, contributing to leadership challenges.
Read at Business Matters
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