Coop Norway has posted a pre-tax profit increase of NOK 2.1 billion (€230 million) in full-year 2016, with the group's total revenue rising NOK 4.9 billion to NOK 58 billion (€6.32 billion) for the year.
The group said that its improved performance was due to a 'very successful integration of the stores from the acquisition of ICA Norway', a process that was completed last year. Revenue growth in the rebranded stores has performed "absolutely to expectations", said Coop Norway chief executive Geir Inge Stokke.
Sales for the group increased 10.9% for the year, of which 7.8% was attributable to the added sales of the former ICA Norway business.
Total membership of Coop Norway now exceeds 1.5 million. "It pays to be a shareholder in Coop," said Stokke. "We are a sharing economy in practice."
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: The European Supermarket Magazine.