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Retail

Nova Coop Achieves Net Profit Of €16.3m In 2022

Italian consumer cooperative Nova Coop has reported total consolidated sales of €1.8 billion and a net profit of €16.3 million for its full-year 2021.

The group's e-commerce channel continued the growth trend seen during the pandemic (+11.1%), while home grocery delivery now covers 300 municipalities in the five Piedmont provinces of Turin, Novara, Vercelli, Biella and Cuneo.

In addition, new Coop Drive pickup points were activated, adjacent to the stores in Turin Corso Molise and Borgomanero, while a new grocery pickup service – Coop Locker – was introduced in the group's Turin, Collegno, Novara and Galliate stores.

In addition, more than €7 million was invested in modernising and making existing stores in Rivoli, Crevoladossola and Caluso more efficient.

Nova Coop added that it has provided over €100 million in discounts to consumers, through targeted promotions, dedicated offers, and catalogue points.

For the second year running, Nova Coop has implemented the ‘Prodotti in Piemonte’ initiative, dedicated to regional suppliers, which seeks to encourage quality consumption and support local-economy supply chains.

Nova Coop operates 65 stores in Piedmont and upper Lombardy.

'A Positive Balance Sheet'

"We present to the shareholders once again a positive balance sheet that confirms the excellent ability of the cooperative to oversee the Piedmontese market and the constant attention in following a policy of cost containment and efficiency of management processes," commented Nova Coop chairman Ernesto Dalle Rive.

"Also for 2021, particular attention was paid to developing favourable strategies for partners and customers, and within this framework we have acted as much as possible to defend the purchasing power of consumers, absorbing price increases due to the growing inflationary phenomenon."

© 2022 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. Click subscribe to sign up to ESM: European Supermarket Magazine.

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