Coop records slight sales growth in 2023
Published: Thursday, Jan 4th 2024, 10:40
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Coop grew again in 2023. The retailer's sales growth was primarily due to wholesale. However, if fuels are excluded, Coop also recorded growth in retail.
Coop achieved total sales of 34.7 billion Swiss francs in 2023. Compared to the previous year, this corresponds to an increase of 1.4 percent, as detailed in a press release issued on Thursday.
Both of the Cooperative Group's large business segments contributed to this growth. Retail sales, which include sales in all Coop supermarkets, specialist stores and online stores, stagnated at 19.9 billion Swiss francs.
Excluding fuel, however, Coop recorded growth of 1.0 percent in retail. Fuel prices had skyrocketed in 2022. In 2023, they then returned to a lower level on average.
Supermarkets up 2.4 percent
Looking only at Coop supermarkets (including the Coop.ch online store), net sales amounted to CHF 11.8 billion. This is 2.4% above the previous year's figure, but still slightly below the record coronavirus years, when hoarding by the population and the trend towards home cooking played into the hands of retailers.
According to the report, Coop achieved double-digit growth in 2023 with its own brand Prix Garantie, for example. The company also emphasized that it had reduced the prices of around 1,000 products.
However, Coop also operates a whole range of specialist formats. According to the press release, the Coop City department stores, for example, developed positively - contrary to the general market trend. The same also applies to Import Parfumerie and Coop Vitality pharmacies, the company added.
Like its competitor Migros, the Group has now also become a major fitness studio operator. Update Fitness opened its 74th fitness center in 2023 and increased its turnover by a third.
Prodega grown
In the wholesale and production sector, which includes the Transgourmet Group, which operates throughout Europe, the meat processor Bell and Coop's own production facilities, there was even an increase of 3.8 percent to CHF 16.3 billion.
Transgourmet alone, which also includes the Prodega pick-up stores, generated net sales of 11.4 billion Swiss francs (previous year: 11.1 billion). The company has thus further consolidated its own position in European pick-up and delivery wholesale.
Meanwhile, turnover in the Production division rose by 4.9% to 5.4 billion.
Coop will not be providing details of last year's profit for another month or so. The Group's annual media conference will take place on February 15 this year.
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