Coop profits shoot up 30 per cent

The Swiss retail giant, Coop, has announced a 30 per cent increase in net profits for 1999 to SFr255 million.

The Swiss retail giant, Coop, has announced a 30 per cent increase in net profits for 1999 to SFr255 million. It also increased its market share slightly to 13.7 per cent, to consolidate its position as the number two retail chain in Switzerland.

Coop’s turnover went up nearly five per cent, compared to an average of under two per cent in the sector.

Much of the growth was down to the success of Coop’s Natura brand.

At a news conference in the company’s Basel headquarters, Co-op also announced a joint venture with the pharmaceuticals company, Galenica. Coop will take a controlling 51 per cent stake in the new health and beauty enterprise.

The joint venture, to be called Coop Vitality, will from the end of the year offer products ranging from cosmetics to baby food.

swissinfo with agencies