Switzerland's second-largest retailer Coop-Gruppe has posted an increase in net profit of 11.4% for 2008.

The group reported net profit of CHF390m (US$331m) and net sales of CHF19.3bn - an increase of 15.6% on the previous year. The figures were helped by an increase in the number of the group's outlets to 1,885.

Coop's market share increased 1.5 percentage points to 17.2%, partly boosted by taking over 12 stores previously owned by French hypermarket chain Carrefour. Its share of the food market reached 21.9%.

Operating cash flow (EBITDA) stood at CHF1.6bn francs - up 13% over the previous year.

"The sales figures confirm once again that we are on the correct path," the company said in a statement on Tuesday (17 February).

The group's organic foods division posted a growth of 9%, representing a turnover of CHF722m.