Spanish cooperative and supermarket chain Coviran has reported gross sales of €1.37 billion in 2018, representing annual growth of 5.6%.
Of the total, sales in Portugal amounted to €134 million, with the rest achieved in the group's home market.
Pre-tax profit stood at €1.42 million (+13.6%) for the year, while net profit was in line with the figure for the previous year, reaching €950.000.
EBITDA grew 2.41% to €8.06 million, while cash flow was €635 million (+8% higher than in 2017).
The co-operative ended the year with 2,467 members, of which 238 in Portugal.
Its market share increased slightly to 2.76% in Spain and 0.88% in Portugal. However, in terms of stores of 1,000 square metres or less, Coviran had a market share of 6.42% in Spain and 2.55% in Portugal.
The network consisted of 3,034 supermarkets, of which 2,751 are in Spain and the remaining 283 are in Portugal.
In April, Coviran introduced a new store concept in Portugal called Coviran Plus, which has already been deployed in Spain.
The first such store opened in Albufeira (Algarve) and features 'the latest technological elements to ensure the best customer service and greater flexibility at the point of sale', according to the retailer.
Sporting the Supermercado Oceano banner, the new store has 500 square metres of sales space, three check-out tills and offers an assortment of local and national products.
As to future plans, the company said it will give priority to projects 'with a focus on partners and supermarkets', as well as on 'actions and innovative solutions that respond to the expectations and needs of the customer'.
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. Click subscribe to sign up to ESM: The European Supermarket Magazine