Italian grocery retailer Conad is expecting to close 2017 with a turnover of more than €13 billion, representing growth of 5% compared to last year.
Presenting the figures, Conad CEO Francesco Pugliese underlined that turnover growth was higher than the market average, reports Radiocor.
He said that Conad has managed to see growth "even in difficult years", improving its market share in Italy to 12.1%, second only to Coop.
According to Pugliese, shareholders' equity improved by €180 million, reaching €2.4 billion, and the company is now aiming for €2.5 billion in 2018.
Continued Investment
It is reported that Conad's positive result is due to investments in the sales network and the performance of the retailer's private label brands.
The retailer currently has 3,198 points of sale across Italy, and its strategic development plan for 2017-2019 foresees total investments of €1.10 billion, including the €413 million invested this year.
Conad also operates 38 fuel distributors, with a turnover of €390 million; 122 pharmacies, generating €75 million; 20 PetStores with a turnover of €10 million; and 19 optician's for a turnover of €7 million.
Pugliese added that the retailer is aiming for significant growth in its pet store business, targeting turnover of €50 million in 2018 and €100 million in 2019.
© 2017 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
