Swiss grocer Coop has recorded an increase in net profit during 2010, despite significant price reductions and declining consumer sentiment.
The country’s second-largest retailer today (15 February) announced a 9.3% increase in annual profit to reach CHF470m (US$485.9m), adding that despite the economic environment, it managed to grow its core business, increase customer frequency and improve productivity.
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The company’s consolidated turnover rose 1.7% to CHF20bn over the year.
Its Coop retail stores recorded a 0.6% increase in turnover for the year to reach CHF11.3bn, despite the company reducing prices by 2%.
The group highlighted its acquisitions of The Body Shop Switzerland, Railcare and the finalisation of the purchase of German food wholesaler TransGourmet Holding in November.
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Click here for Coop’s full earnings statement.
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