Coop Sweden and its affiliated consumer co-ops have reported a combined operating loss of SEK2.7bn for 2024, continuing a run of poor results.
The loss includes SEK 1.65bn from the 26 Konsumentföreningar, a group of local, consumer-owned co-ops that merged together in 1991, and SEK 1.09bn from main business Coop Sverige AB.
Executives at the co-op, which has more than 800 stores in Sweden and 3.8 million members, are carrying out a strategic review to deal with the crisis.
“This result reflects deep structural challenges that must be addressed urgently,” a spokesperson said. “We are committed to restoring operational stability and customer trust.”
The co-op has taken a financial hit from technical and logistical issues at its new central warehouse in Eskilstuna, which suffered delays and rising costs. It has also struggled with outdated IT systems and a period of leadership uncertainty with changes in its executive team.
CEO Marie Nygren quit earlier this year as pressure mounted on the co-op. She was replaced by Anders Torrell, who had been acting in the role since November 2024.
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In August, the society two more executives joined the senior team – chief financial officer Jaana Viertola-Truini and sales director Marcus von Greyerz.
Meanwhile, with Sweden hit by soaring food prices and a cost-of-living crisis, the retailer has lost 400,000 customers in two years, cutting its market share from 22% in 2014 to 14.2% in 2024. It has been overtaken by rival Axfood, which has grown from 16.5% to 24%.
In an analysis for Food Research Project, Reider Molhe pointed to a deficit of SEK1.4bn reported by the society, and “drastic measures to reduce costs”.
He warned: “For many years before this, Coop “hid” weak operating results by selling off industry and real estate. Now there is no more to take. The balance sheet has been slimmed to the breaking point.”
Molhe notes that the co-op has reduced the number of stores, with several franchisees going bankrupt – leading to “frustration among store operators, who believe that Coop has not done enough to help them through the economic crisis”.
Coop Sweden had already announced a restructure in 2023, including axing of around 100 positions at its head office in Solna.
In 2022, it introduced the X-tra store model, a chain of discount stores selling a co-op-approved private-brand label which also operates in Denmark, Norway, and Finland – but Molhe notes there are only 50 of these stores, compared to 600 in Norway.
