Thursday, July 25, 2024

Nova Coop, Coop Liguria, and Unicoop Tirreno Announce Strong 2023 Financial Results

Nova Coop, Coop Liguria, and Unicoop Tirreno Announce Strong 2023 Financial Results! Italian regional operators Nova Cope, Cope Liguria and Unicope Tireno all reported positive financial performance in FY2023, demonstrating resilience and growth in the face of economic challenges.

When Nova Coop handled the region of Piedmont and Upper Lombardy it showed significant growth with total sales exceeding €1.19 billion, representing an increase of 3.07% The cooperative’s net profit amounted to 28.4 million euros, reflecting its financial health. Supermarket and hypermarket sales rose 3.85% to €1.07 billion.

A notable highlight is the sales of more than 72 million Nova coupe brand products, accounting for 32% of total sales. In addition, the cooperative’s online sales have reached €11 million, and its Coopshop platform now serves more than a third of the municipalities in the Piedmont region

Investment in network expansion and modernization exceeded €19 million. This includes the opening of a new store in Alpignano, an urban neighborhood store in Turin, alongside its renovated Alessandria and Beinasco Ipercoop outlets This effort by Nova Coop to enhance customer experience and have expanded its market They claim participation.

Coop Liguria continued its long period of profitability, marking its 38th consecutive year of profitability. In 2023, the company’s total revenue reached €854.2 million, an increase of 2.53% per year, and a profit of €10.4 million.

The company’s budget was strong, with 39 million euros allocated in 2023 as part of a three-year modernization and development plan totaling 100 million euros by 2025. The plan includes significant investment in the internet so in increasing commercial activity, which is now present in most major cities of Liguria.

Coop Liguria opened two new supermarkets in Genoa (Voltri and Carignano) and completed the renovation of the Antonio Negro department store in Genoa. To mitigate the impact of inflation, the company absorbed a portion of increased production costs, increased promotions, and a national quarterly ‘ schedule which happened to be

Unicop Tireno also reported strong financial performance in 2023. The company generated a net profit of €1.9 million, with total sales up 4% to €877.9 million and an operating profit of €7.8 million. indicating efficiency and effectiveness

Unicope Tireno members received significant discounts and increases totaling €43 million in 2023, up from €40.5 million the previous year. Management invested €36 million in renovations, new store openings, system upgrades, sustainability initiatives and IT upgrades.

Unicop Tireno, which operates 101 stores in Tuscany, Lazio and Umbria, has strengthened its market position through investments and enhanced subscription-based services and service offerings

The financial success of Nova Cope, Cope Liguria and Unicope Tireno in 2023 highlights the flexibility and adaptability of these Italian regional cooperatives. Through strategic investments, new service expansions and customer-focused initiatives, they have not only overcome financial challenges but laid a solid foundation for future growth and stability. Their performance underscores the important role cooperatives play in local economic development and community support.

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