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Coop reaps exceptional harvest in 2007

The Coop group has reported a bumper year in 2007 with increases in turnover, profits and market share.

Coop, which is number two in the Swiss retail trade behind Migros, increased its net profit by 12.9 per cent to SFr350 million ($319.85 million).

Coop said on Tuesday its market share had moved up half a percentage point to 15.8 per cent.

Tuesday’s announcement came a month after the group reported a 7.1 per cent increase in sales last year to SFr15.8 billion.

Coop CEO Hansueli Loosli said the “good climate” had resulted in an “excellent harvest” in 2007.

The number of employees had also grown by 6.1 per cent to 48,200, following Coop’s merger with electronics chain Fust.

He added that 2008 was looking promising for the group, with turnover 12 per cent higher by mid-February compared with the same period in 2007.

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SWI - a branch of Swiss Broadcasting Corporation SRG SSR

SWI - a branch of Swiss Broadcasting Corporation SRG SSR