Spanish proximity retail cooperative Coviran closed its 2021 financial year with gross sales amounting to €1.64 billion, down 3.5% on the previous year.
Of the total, €1.44 billion was achieved in the company’s home market and the remaining €199 million in Portugal.
Net profit amounted to €960,000, while EBITDA dropped 31% to €7.97 million. Capex amounted to €4.2 million, mainly for technological upgrades and modernisation of existing stores.
At the end of 2021, the company had 2,856 supermarkets (2,566 in Spain and 290 in Portugal) in its portfolio.
Currently, Coviran is the fourth biggest retailer in Portugal by quantity of stores, and the second-largest in Spain.
Proximity Model
Coviran supermarkets typically occupy less than 300 metres of sales space, and is a major player in many municipalities across Spain that boast less than 10,000 inhabitants.
The group currently operates 251 supermarkets featuring its new Coviran Plus store model in Spain and three in Portugal.
Coviran’s network also includes 75 stores dedicated to sustainability, incorporating improved accessibility, combating food waste, energy efficiency, responsible hiring and collaboration with the local community.
Local Investment
The cooperative currently works with 2,851 suppliers in Portugal and Spain from whom it has purchased goods worth €672.5 million.
It also continues to invest in sustainability, reducing emissions and plastics, improving energy efficiency, and by optimising resources and waste use.
Highlights include the recycling of 1,842 tons of cardboard, plastic, pallets and metal; the reduction of electricity consumption by 89,681 kWh; the avoiding of emission of 1,465 tons of CO2; the 1.9% reduction in water consumption and the 1.67% reduction in consumption of plastic on pallets.
Coviran's recent General Assembly of Partners, held in Granada (Spain), approved the renewal of the mandates of the Board and president Patro Contreras for another four years, aligning them with the strategic plan 2022-2025.
Read More: Spain's Covirán Sees Private-Label Sales Increase In 2021
© 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.
