Spanish cooperative retailer Consum has reported a 14.4% increase in revenue, to €3.86 billion, in its 2022 financial year, although profit was down.
Profit for the year stood at €57.7 million – a 15% reduction on the previous year – due to a reduction in margins, as the retailer sought to contain price rises.
In addition, an increase in investments (12.9%) and a recruitment drive impacted its profits for the year, the group noted.
During 2022, Consum increased sales volumes by 11.7%, which is two percentage points higher than the average for the Spanish grocery sector, the group noted, while it grew sales in its online business by 7.3% (€65.8 million).
It invested €168.4 million in new stores and refurbishments, which included 12 company-owned stores and 38 franchise stores, under the Charter banner.
Elsewhere, 41 stores were refurbished, to adapt them to the group’s new operating model.
As a result of the new openings, Consum now has a network of 874 stores – of which 477 are company owned and 403 trade under the Charter banner – in Valencia, Catalonia, Castilla-La Mancha, Murcia, Andalusia and Aragon.
The group holds 4.5% of the overall Spanish market, making it the sixth-biggest player in the large distribution sector.
In 2022, Consum updated its Integrated Environmental Plan with a focus on two key goals: decarbonisation and implementing a circular economy for resources. As part of this effort, the cooperative has achieved an 86.3% reduction in its carbon footprint since 2015.
This was made possible through the use of negative-temperature refrigerant gases, fed with CO2 in newly opened stores, the implementation of eco-efficient supermarkets, and improvements in logistics fleet vehicles.
Read More: Consum Expands Charter Retail Chain, Exceeds 400 Stores
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