Coop Sweden 'Has Never Been In Better Shape', Says CEO
Coop Sweden chief executive Sonat Burman-Olsson has said that the retailer has "never been in better shape", following a significant 42% increase in profits last year.
Operating income at the Swedish retailer stood at SEK 236 million for the year, an increase of SEK 70 million on the previous year, or 42.2%.
Store sales, which amounted to SEK 16.4 billion (€1.72 billion) were down 4.2% on the previous year, however, due in part to a number of closures across the group's estate, as well as a reduced non-food range. The group said that store sales were also affected by a transition period to new store formats.
Online sales at the retailer grew by 51%, compared to the previous year, which was ahead of the overall online market increase (+30%). Cash flow from operating activities amounted to SEK 690 million.
Stronger And More Profitable
"The past year is proof that our new strategy has made Coop Sweden stronger and more profitable," said Burman-Olsson.
"In 2014, we launched a comprehensive strategy for the three years between 2015 and 2017. The strength of this strategy is that it covers all of our operations, and we have implemented a wide variety of activities to streamline operations and change the perception of the Coop."
There are currently 655 Coop Sweden stores in the country, with the group operating 241 of these, and the remaining 414 stores operated by 31 consumer associations.
Burman-Olsson added, "Through improvements and efficiency, we have also created great value for the consumer cooperatives that operate the other 414 stores around the country."
© 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.