Italian regional cooperative and supermarket operator Unicoop Firenze reported sales worth €2.61 billion in its financial year 2022, registering an increase of 8.6% compared to 2021.
Sales volumes grew by 2.1% in the same period despite inflation and a decline in consumption as shoppers grappled with cost-of-living pressure.
Unicoop Firenze described the results as ‘encouraging’ in view of the current macro-economic environment with many elements of uncertainty.
The Italian regional cooperative Unicoop Firenze reported gross retail sales of €2.4 billion in 2021, representing 1.3% growth on the previous year.
Revenue increased 1.6% year-on-year to €2.52 billion, while net profit totalled over €25 million, or €17 million after taxes.
Cost-of-Living Pressure
In order to help consumers cope with increase in the cost of living, Unicoop Firenze implemented several initiatives in December 2022 and lasting through 8 January 2023.
These included a total price freeze, €5 shopping vouchers and 30% discount on all Fior Fiore private-label products.
Although the total prize freeze ended on 8 January, Unicoop Firenze has rolled out new initiatives in favour of convenience and defence of purchasing power.
Until Easter, prices will be blocked on 700 products with a basket that includes branded, private-label and fresh products.
In addition, during January and February, with the ‘Giorni più buoni’ initiative consumers will be offered a €5 voucher for every €15 spent on branded products, up to a maximum of two vouchers per shopping cart.
Elsewhere, Italian retail cooperative and purchasing group D.IT - Distribuzione Italiana closed its financial year 2022 with a 3% increase in turnover, which it says exceeded initial forecasts.
© 2023 European Supermarket Magazine – your source for the latest Retail news. Article by Branislav Pekic. Click subscribe to sign up to ESM: European Supermarket Magazine.
