Italian regional cooperative Unicoop Firenze reported gross retail sales of €2.4 billion in 2021, representing 1.3% growth on the previous year.
Revenue increased 1.6% year-on-year to €2.52 billion, while net profit totalled over €25 million, or €17 million after taxes.
Thanks to the positive result in 2021, the cooperative's net assets grew to €1.73 billion.
The retailer ended the year with 108 stores, which is three more than in 2020.
'The year 2021 was marked by the economic and social consequences of the pandemic, which as in the past year forced us into periods of activity limitations and even now casts a shadow of uncertainty about what may happen in the coming months,' the company said in a statement.
The group's new Coop.Fi store format was opened in Montramito, in the municipality of Massarosa, in Florence (Via Reginaldo Giuliani) and in Arezzo (Via Garbasso).
Also in 2021, Terre di Mezzo, a 100% subsidiary of Unicoop Firenze, acquired 29 outlets from Coop Centro Italia in the provinces of Arezzo and Siena.
Unicoop Firenze also invested strongly in its pricing strategy, with price generally lower than the Italian average.
On a national level, the price index of food, household and personal care goods increased by 0.4% last year, and by 0.3% in the Municipality of Florence, but dropped by 1.1% in Unicoop Firenze stores.
The group's Coop.fi supermarkets sell over 5,500 local products, while 25% of the products purchased by the cooperative are sourced from more than 700 Tuscan suppliers, representing 34% of its total product range.
Unicoop Firenze claims it generates around €983 million to the Tuscan economy.
© 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.