Coop, Switzerland’s number two grocer, saw profits increase in 2013 amid higher sales and moves to control costs.
The company’s profit reached CHF462m (US$519.3m), up 2.2% on 2012. Turnover, which included revenue from Coop’s retail stores, wholesale and manufacturing subsidiaries like Switzerland-based meat processor Bell Group, inched up 0.9% to “nearly” CHF27bn.
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Coop said booked a 1.7% increase in retail sales to CHF18.1bn for last year. Supermarket sales saw sales climb 1.6% to CHF11bn.
Retail margins dipped 0.2 points to 28.9% as Coop “launched several waves of price cuts” in what the company called “difficult” trading conditions.
Production margins were down 0.1 points at 23.5%. Bell, which reported its annual results earlier this week, reported what Coop called a “good result” with sales of EUR2.6bn, up 3.6%. Coop holds a 66% stake in Bell.
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