Swiss retailer Coop Group has seen an increase in sales and earnings for 2016, with total sales of CHF 28.3 billion (€26.5 billion), an increase of 5.2%.
The company said its positive results were mostly due to the performance of its wholesale and production sectors. It alone generated a net income of CHF 12.2 billion, representing an increase of 15.4% or 2.4%, excluding acquisitions.
In 2016, the group achieved a retail net income of CHF 17.2 billion, excluding fuels, maintaining Coop's position in the market despite many price cuts, the company said.
Profits in 2016 totalled CHF 475 million (€445 million), up CHF 59 million from 2015. The year also saw a 2.6% increase in supermarket traffic.
The Coop Group said that its online segment performed strongly, with net revenue growing 14.6%, by CHF 1.4 billion (€1.3 billion). The Coop@home online supermarket garnered an increase of 7.2%, or CHF 129 million (€121 million).
Its electronic segments performed strongly, despite the spiraling electronic market, with stores such as Interdiscount and Nettoshop.ch earning a turnover of roughly CHF 2 billion (€1.88 billion), CHF 11 million more than last year.
Organic products were another big win, contributing CHF 1.3 billion (€1.22 billion, up 6.8%).
Its Coop City chain experienced a decline of 3.5%, but maintained its market share, the company said.
At the close of 2016, the Coop Group had more than 85,000 employees, operating 2,476 outlets. In Switzerland alone, the retail chain had more than 55,000 staff.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Karen Henderson. Click subscribe to sign up for ESM: The European Supermarket Magazine.
