Coop Italia Cooperatives Report Sales Growth In 2020
Four of the eight cooperatives that constitute Coop Italia reported growth in retail sales in 2020.
Coop Lombardia ended the year with a 9.3% growth in production value to €1.05 billion. Net profit amounted to €6.9 million, up from €6.6 million in 2019.
During 2020, the cooperative merged 37 Coop Vicinato Lombardia (CVL) stores into its operations, and opened two new outlets.
Sales at Nova Coop amounted to €1.1 billion during the financial year, registering a growth of 3.48% compared with 2019. Net profit amounted to €6.1 million.
The cooperative benefited from a growth in sales across its network (+3.74%) and the impact of changing shopping habits, leading to an increase in the average basket in both supermarkets (+31.4%) and hypermarkets (+29.1%).
Nova Coop operates 48 supermarkets, 16 hypermarkets, one Fiorfood and four Drive outlets.
Performance Of Other Cooperatives
Elsewhere, Unicoop Tirreno closed 2020 with a net profit of over €1 million, up from a loss of €4.8 million in 2019. Sales increased 0.5% year-on-year to €875.3 million.
The cooperative invested €9.6 million in 2020, of which €8.6 million was used to modernise its stores.
Unicoop Tirreno's store network comprises 94 shops in the Tuscany, Lazio and Umbria regions.
Coop Alleanza 3.0 generated sales of €5.12 billion in 2020, up €203 million on the previous year.
EBITDA from core operations reached substantially closer to break-even, from a negative €120 million in 2018 to a negative €8 million in 2020.
Slow hypermarket sales contributed to its losses in 2018 and the cooperative adopted a four-year action plan (2019-2022) to tackle the situation.
EBIT recovered from a negative €217 million in 2018 to a negative €94 million in this period.
Coop Alleanza 3.0 is expected to return to profit in 2022 as losses dropped significantly, settling at a loss of €132 million at a consolidated level.
Coop Italia comprises Unicoop Firenze, Coop Alleanza 3.0, Novacoop, Coop Liguria, Coop Lombardia, Coop Centro Italia, and Unicoop Tirreno.