Coop Alleanza 3.0 Records Loss Due To Renovations, Competition
Italian retail cooperative Coop Alleanza 3.0 ended 2017 with a net loss of €37.6 million, compared to a net profit of €6.6 million in 2016, with the retailer's president citing both capex investment and increased competition as factors influencing its performance.
In a letter to shareholders, president Adriano Turrini explained that the retailer invested heavily in store renovations as well as management restructuring last year, according to Italian daily La Repubblica.
The cooperative said that losses were largely 'in line with expectations' according to its 2017-2019 strategic plan.
Try European Supermarket Magazine PREMIUM – 30 Day FREE Trial.
A trial subscription gives unrestricted access to all premium site content, app content, weekly email content and European Supermarket Magazine digital edition for a full 30 days. Try it now!