Spanish cooperative Covirán has reported gross sales of €1.78 billion in its 2022 financial year, registering an annual increase of 8.6%.
The bulk of sales – around €1.57 billion – came from the group's operations in Spain, while the remaining €213.8 million (+7%) relate to sales in neighbouring Portugal.
According to the annual accounts, approved by Covirán's general assembly, net turnover grew 5.23%, while EBITDA amounted to €10.02 million (+27.98%).
Total assets stood at €227.5 million (+4.24% year-on-year), while net profit amounted to €1.02 million.
Investments grew 2.86% on the previous year, mainly due to the refurbishment and improvement of the group's logistics platforms, technological innovations and the expansion of the photovoltaic plant at Coviran’s head quarters.
Chief executive José Antonio Benito said that 2022 was marked by "good results" and the company's efforts to "contain inflation through efficiency and optimisation of resources, in the face of reduced margins and profitability."
Annual Highlights
The supermarket cooperative ended 2022 with 2,294 independent retail members and 2,730 supermarkets, of which 2,488 are located in Spain and 282 in Portugal.
Covirán is the second biggest retailer in Spain by number of outlets, and the fourth largest in Portugal.
The cooperative continued to strengthen its logistics network, ending the year with 26 directly-owned platforms, including three in Portugal, with 442,118 square metres of sales floor space, in addition to four external platforms.
Work With Local Suppliers
Covirán added that it continued to work on improving the quality of the assortment and reformulating the composition of its own-brand products to make them healthier, as well as collaborating with local suppliers to offer a wide range of quality fresh products.
The cooperative currently works with 2,274 suppliers in Spain and Portugal, from whom it purchased goods worth €548 million.
© 2023 European Supermarket Magazine – your source for the latest Retail news. Article by Branislav Pekic. Click subscribe to sign up to ESM: European Supermarket Magazine.
