Italian regional food distribution cooperative Coal reported a better than expected performance in 2021, ending the year with turnover of more than €290 million.
The result was slightly down (-3.64%) on the previous year, when the retailer's performance was influenced by the COVID-19 lockdown.
EBITDA for the year stood at €5.5 million, the group said, while net profit amounted to €1.1 million.
Investments In 2021
The company's net financial position remains 'balanced', it noted, with the group having invested €11 million across its operations during 2021.
As well as approving the 2021 results, the cooperative’s members also elected a new board of directors, with Carlo Palmieri confirmed as president for the sixth consecutive term.
Based in Camerano near Ancona in the Marche region of Italy, Coal’s network consists of more than 320 stores in six regions of Italy and in the Republic of San Marino.
The retailer operates under the store banners Coal, Eccomi and Buongustaio.
Gruppo VéGé Performance
Coal is also one of the 35 member companies of national distribution and sales network Gruppo VéGé.
For the eight consecutive year Gruppo Végé recorded growth in 2021, with consumer sales of €11.95 billion, increasing 5.9% year-on-year and 3.1% in like-for-like terms.
As of January 2022, the group ranks first in Italy in terms of number of outlets, boasting more than 3,800 units. This places it fifth overall in the retail channel, with a market share of 7.5%.