Coop Switzerland has announced that group turnover grew by 3.1% to CHF 29.2 billion in 2017, with sales in its retail business increasing by 1.4%.
Profit increased by CHF 10 million to CHF 485 million, and EBIT grew 5.7% to CHF 806 million, which the company attributes to its retail, wholesale and production units.
The company also said that its online business is growing rapidly, with sales up 18.5% to CHF 1.7 billion.
"We are very happy with the year 2017," said Joos Sutter, CEO of Coop Switzerland.
"We achieved the goals we had set, and I am particularly pleased that we have recorded above-average growth in retail, but also in wholesale sales."
Retail Growth
In the retail sector, Coop posted net sales of CHF 17.4 billion, up 1.4%, as Coop supermarkets saw a 5.7% increase in sales, as well as an increase in market share.
The group's specialised retailers, including Interdiscount, Microspot, Fust and Nettoshop, achieved cumulative sales of over CHF 2 billion, up CHF 51 million compared to the previous year.
Coop Switzerland operates 2,295 points of sale in the country, having opened 41 new stores in 2017.
Wholesale Business
Elsewhere, Coop's wholesale and production business generated net proceeds of CHF 13 billion in 2017, representing an increase of 6.2% compared to the previous year, or 4.9% excluding acquisitions.
The group's Transgourmet business generated net proceeds of CHF 9.1 billion (+6.3%), and furthered strengthened its position as a leading European wholesaler.
In October, the unit acquired Russia's Global Foods, which is one of the leading companies in the catering supply market in Russia, with an annual turnover of RUB 2 billion.
Meanwhile, net income of Coop's production companies increased by 6.1% to CHF 4.3 billion.
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up to ESM: The European Supermarket Magazine.
