Spanish supermarket cooperative Covirán has reported a 3.2% increase in gross sales, to €1.8 billion, in its 2023 financial year.
Out of this total, Covirán's sales in Spain amounted to €1.6 billion, while Portugal generated €217.3 million, it added.
Profit before taxes amounted to €3.24 million, and net profit reached €2.03 million – up around €1 million on the previous year.
The Spanish cooperative reported a 1.64% increase in turnover, while EBITDA grew 8.64% to €11.05 million.
Covirán said that it continued to adapt and expand its assortment to meet the needs and preferences of its partners and customers during the year.
Among its initiatives was the launch of the Ibersano project, through which it offers quality Iberian products.
Annual Highlights
Last year, Covirán invested €5.45 million in consolidating technological projects, installing renewable energy facilities, and modernising its stores.
It also reported a 2% increase in social cash flow during the year, to €838 million, reflecting its commitment to reinvesting resources for the benefit of the community.
In Portugal, Covirán saw its workforce grow by 2.2% year-on-year, to 1,847 employees.
The cooperative has also provided job stability to its workforce, with 92.32% of roles offering permanent contracts.
Covirán Plus
The financial year also saw the rollout of a new format, Covirán Plus, in Spain and Portugal.
The cooperative also implemented strategic changes in its logistics chain to improve operational efficiency, increase responsiveness to partners and customers, and reduce costs.
Most of its investments focused on modernising its facilities. It combined two platforms in Catalonia into a new distribution centre located in Barberá del Vallés, Barcelona, to meet increasing demands.
Covirán opened 92 stores in Spain and Portugal last year, creating more than 300 new jobs.
