Italian cooperative Conad Nord Ovest has reported a turnover of €4 billion and a net profit of €48.1 million in its 2019 financial year.
This was the first financial report issued by the group, which was established in October 2019 from the merger of regional cooperatives Conad del Tirreno and Nordiconad, as part of a strategy to boost the Conad system.
The results are especially encouraging as they were achieved in a context that saw national consumption recording modest growth (+0.4%), reports La Repubblica.
The retailer’s market share currently stands at 12%.
Conad Nord Ovest has contracts in place with 1,695 local suppliers, with whom it recorded a turnover of over €530 million in 2019.
New Store Openings
The company has earmarked more than €350 million for investment purposes during the period 2020-2022, which will be allocated towards new store openings, targeted redevelopments, the rebranding of the former Auchan Italia stores it purchased, the expansion of the commercial offer, and the optimisation of the logistics network.
Conad Nord Ovest has more than 600 stores in Valle d'Aosta, Piedmont, Mantua, Liguria, Emilia-Romagna (provinces of Modena, Bologna and Ferrara), Tuscany, Lazio (together with Pac 2000A Conad) and Sardinia, which it operates with 366 business partners.
In addition to the classic formats (Conad Superstore, Conad, Conad City, Margherita Conad and Sapori&Dintorni) there are also 23 Spazio Conad stores, which offer a new shopping concept with over 3,000 square metres of sales area and an offer more in tune with customer needs.
© 2020 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