Spanish co-op, Coviran, has reported a 4% annual growth in gross sales during 2016, to €1.26 billion. Of the total, approximately €1.15 billion relates to Spanish sales, with €106 million corresponding to sales achieved in Portugal.
Like-for-like sales grew by 1%. Net profits were up by 13% in the same period to €1.04 million.
Coviran holds a market share of 2.09% in Spain and 0.84% in Portugal.
Ongoing Investment
Last year, the co-op and its members invested €19 million into the improvement and modernisation of points of sale, technological upgrades and expansion plans. The group's total investments over the last seven years amounted to €191 million.
In 2016, Coviran invested €2.5 million in a new distribution centre in Tenerife and plans to open another one in Catalonia during 2017.
The co-op is also developing a pilot project in Morocco that, if successful, could expand Coviran’s footprint to North Africa in 2019.
The group comprises 3,330 supermarkets, with 2,550 supermarkets under the Coviran brand. The vast majority of its operations are located in Spain, with less than 10% to be found in Portugal.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. Click subscribe to sign up to ESM: The European Supermarket Magazine
