The KF Group (Coop Sverige) has reported a strong rise in profits for its fiscal full year, and said it had “never been in better shape”.
For 2016, underlying operating profit surged up 42.2% to SEK236m, even though sales decreased by 4.2% to SEK16.4bn. The group attributed the latter decline to the closure of some stores and the conversion of 53 other outlets to new formats. However, it noted that sales at the converted stores were up strongly, while online sales surged up 51%.
KF said the results were proof that its new strategy has made it “stronger and more profitable” and had “exceeded expectations” for many of its own goals.