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Retail

Coop Switzerland Posts FY Profit Growth In 'Challenging' Environment

By Robert McHugh
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Coop Switzerland Posts FY Profit Growth In 'Challenging' Environment

Coop Switzerland has reported a turnover of CHF 34.2 billion (€34.6 billion) for its 2022 financial year, an increase of 7.3% on the previous year.

The Swiss retailer claims cost increases of around CHF 250 million (€253 million) were absorbed by the group during the period, and were not passed on to customers.

At CHF 562 million (€562 million), profit was slightly higher than in the previous year, and Coop said that this will be fully reinvested in the business.

Retail Sales Performance

Total net sales in its retail business rose by CHF 304 million (€308 million) to CHF 19.9 billion (€20.1 billion). Net revenue from Coop supermarkets, including Coop.ch, amounted to CHF 11.6 billion (€11.7 billion).

This represents an increase of 8.8% compared to 2019, i.e. before the pandemic, but remains below the record period set during the COVID-19 lockdown period.

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Despite cost pressure, Coop said it continued to invest in the expansion of the Prix Guarantee range and in price reductions, especially for fruit and vegetables.

Coop's online business achieved sales of around CHF 5 billion (€5.6 million) and grew by CHF 1.2 billion (€1.25 billion).

Its Transgourmet business generated net sales of CHF 11.1 billion (€11.26 billion), an increase of 21.4%, with the performance in all Transgourmet's regional businesses stronger than that of the previous year.

Sustainable Products

Elsewhere, sales of sustainable products increased by CHF 382 million to CHF 6.2 billion (€6.29 billion) during the year, a 6.5% increase.

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With around 20,900 SKUs, Coop said that it offers the widest range of sustainable products in Swiss retail.

© 2023 European Supermarket Magazine – your source for the latest retail news. Article by Robert McHugh. Click subscribe to sign up to ESM: European Supermarket Magazine.

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