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

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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).

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