Coop Danmark Sees Profits Double Despite 'Challenging Year'
Coop Danmark saw grocery profits more than double last year, increasing from NOK 206 million (€27.66 million) to NOK 471 million (€63.25 million).
The cooperative group, which operates the SuperBrugsen, Dagli'Brugsen, Fakta, Irma and Kvickly retail chains, reported turnover of NOK 44.79 billion (€6.02 billion) in 2017, which was roughly in line with the previous year.
"2017 was another challenging year for the grocery industry in Denmark," said Coop chairperson Lasse Bolander.
"Competition is intense in a market with massive overcapacity, structural changes and changes in consumer behaviour - and in this light we are pleased with the year's earnings."
Bolander added that Coop will continue with its transformation strategy this year, investing in the modernisation of stores and its increasing focus on digitisation.
In particular, the retailer is trialling a new checkout-free retail system at one of its Dagli'Brugsen neighbourhood stores in Sengeløse, near Copenhagen.
Coop also opened its first organic supermarket, Irma ØKO, in Copenhagen earlier this year, which has the highest share of organic products in the country.
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up to ESM: The European Supermarket Magazine.