Italian supermarket chain Conad closed 2020 with a turnover of €15.9 billion, up 12.3% on the previous year.
The group outperformed the marketplace (+5% average growth) last year, it said, with Conad having now reported growth for each of the past 15 years.
Operating profit rose by 1.73% to €216.44 million.
Conad's market share grew from 13.8% in 2019 to 15.01% in 2020 (a 1.21% increase), consolidating the retailer's leadership role in the Italian large-scale retail sector.
In 2020, the number of stores from 3,207 to 3,305 (+98), with the retailer strengthening its coverage in all Italian regions, while it also completed its takeover of the former Auchan stores.
According to the annual report of the consortium of five cooperatives that comprise Conad, aggregate shareholder equity stood at €2.9 billion, a 11.9% increase compared to 2019 and double the period 2010-2020.
The aggregate EBITDA of the five cooperatives, Conad Nord Ovest, Conad Centro Nord, Commercianti Indipendenti Associati, Conad Adriatico and PAC 2000A, stood at €492.4 million, the group said.
The group said that it plans to continue its investment plan for the three-year period from 2021 to 2023, under which some €1.8 billion will be invested in the modernisation of stores, digitalisation of its activities, expansion of private label, and implementation of a multi-channel strategy.
"In 2020, we strengthened our position [...] by consolidating our role as the leader in large-scale distribution with a double-digit growth rate," commented chief executive Francesco Pugliese. "For 2021, I expect solid but more contained growth."
Pugliese added that even in the event that its results for the coming year turn out to be "excellent", the business must not be allowed to become complacent.
"We must be even better," he added.
© 2021 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