Italian retail cooperative Conad Nord Ovest closed 2021 with a turnover of €4.35 billion and a net profit of €49 million.
The cooperative, which has 381 members and 600 stores, reported an increase in sales of +4.82% in the period.
Capex investment, amounting to €163 million, were allocated to the strengthening of logistics and the modernisation of the sales network with 12 new store openings and 29 renovations.
On the logistics front, the cooperative expanded its Montopoli storage facility, redeveloped storage capacity at Modena, expanded its existing facility in Monastir, and started construction of a new logistics centre in Piedmont.
The Conad private label brand accounts for 31% of total turnover, the group said.
Read More: Conad Sees Turnover Reach €17bn, Market Share Exceeds 15%
Conad Nord Ovest has drawn up a three-year development plan, which will see an investment of €660 million: the aim is to increase the group's efficiency and sustainability, invest in digitalisation, innovation and the valorisation of local supply chains, as well as in training and growth in human capital.
The cooperative has also allocated €7.4 million to solidarity and social responsibility projects.
As of 2021, its network of local partnerships encompasses 1,800 local suppliers, with partnerships frequently exceeding ten years.
As well as approving the 2021 financial statements, the members of the cooperative renewed the term of the board of directors, with Roberto Toni as the new president of the cooperative and Adamo Ascari as CEO.
Conad Nord Ovest is one of the five cooperatives that make up the Conad system.
© 2022 European Supermarket Magazine – your source for the latest Retail news. Article by Branislav Pekic. Click subscribe to sign up to ESM: European Supermarket Magazine.