Italian regional cooperatives Nova Coop, Coop Liguria, and Unicoop Tirreno have all posted positive results in their 2023 financial year.
At Nova Coop, which serves the Piedmont and upper Lombardy region, gross sales exceeded €1.19 billion (+3.07%), while net profit amounted to €28.4 million.
Supermarket and hypermarket sales grew by 3.85% to €1.07 billion.
Over 72 million Nova Coop-branded products were sold, accounting for 32% of sales volume, while online sales reached €11 million, with the retailer's Coopshop now serving over a third of municipalities in the Piedmont region.
Over €19 million was invested in network expansion and modernisation, including the opening of a new store in Alpignano and urban neighbourhood stores in Turin. Renovations were also completed at its Alessandria and Beinasco Ipercoop outlets.
Another Year Of Profitability At Coop Liguria
Coop Liguria’s total turnover reached €854.2 million in 2023 (+2.53% year-on-year), marking the cooperative's 38th year of profitability, as it posted a profit of €10.4 million.
The cooperative invested €39 million in 2023, as part of a three-year modernisation and development plan totalling €100 million by 2025. This commitment includes investments in online shopping services, which are now available in most major Ligurian municipalities.
The year saw the inauguration of two new supermarkets in Genoa (Voltri and Carignano) and the renovation of its Antonio Negro superstore in Genoa.
To counter inflation, Coop Liguria absorbed a portion of producer cost increases, boosted promotional activity, and joined the national 'anti-inflation quarter' initiative, reducing prices on 200 Coop SKUs and freezing prices on another 1,000 items for three months.
These efforts resulted in total cost savings of €74 million for customers, it noted.
Unicoop Tirreno On A Roll
Finally, Unicoop Tirreno closed out 2023 with a string of positive results. The cooperative reported a net profit of €1.9 million, while gross sales rose 4% to €877.9 million, and operating margin reached €7.8 million.
Members were able to avail of discounts and promotions totalling €43 million in 2023, up from €40.5 million the year before.
The cooperative also allocated €36 million for renovations, new openings, system upgrades, sustainability initiatives, and IT security.
Unicoop Tirreno operates 101 stores across Tuscany, Lazio, and Umbria.
