Coop Schweiz has reported group turnover of CHF27.8bn, up 1.5% at constant exchange rates, which it called a "pleasing result in a challenging environment."
Price cuts, competition and economy affected results
Coop Schweiz's turnover was up 0.3% at current exchange rates. Price cuts of up to 8.2% in certain formats, strong competition at home and abroad, and a difficult economic context all had an impact on Coop's performance. However, Coop was pleased with the performance of its private label brands, particularly Coop Naturaplan which reported 4.5% growth, and Pro Montagna whose sales were up 12.7%.
Strong performance for online grocery
Sales of the [email protected] online grocery operation were up 22% at constant exchange rates (+12.6% at current rates), compared to Migros' LeShop which reported almost flat growth. Online is becoming more important to Coop and in 2012 it expanded its operations in this area to include more non-food sites.
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Check out our Switzerland hub page for the latest on Coop Schweiz, Migros, and other retailers in the market. Coop will publish more detailed results on 26 February.