Switzerland’s second-largest retailer Coop has reported a decline in net profit for 2011 despite a 37% surge in turnover.
Coop booked an 8% drop in net profit, which slid to CHF432m (US$468.8m). The company blamed the decline on the weakness of the euro, which hit sales after currency exchange from its European businesses, and price reductions, which were pushed through at the expense of margins.
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The company saw sales rise to CHF27.7bn in the year, primarily boosted by its acquisition of cash-and-carry company TransGourmet.
The retailer’s supermarket unit contributed CHF11bn in sales, which represents a year-on-year decline of 2.6%. Nonetheless, Coop said that it had been able to gain market share in the year at its consumer retail arm, with sales increasing by 0.6% when adjusted for deflation, which stood at 3.2% in the period.
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