Coop Denmark posts $717M loss

Coop Denmark reported a 717 million kroner operating loss for 2023, marginally better than 2022. The shortfall is due to investment in remodeling, one-time costs, and ongoing operational challenges. After asset impairment, the net loss is 2.3 billion kroner, with 365 Discount contributing most of the write-downs. Chairman Jeff Gravenhorst emphasized the importance of improving the newer 365 Discount chain. Independent co-ops had a 21 million kroner profit, showing improvement. Total revenue was 46.6 billion kroner, slightly down from the previous year. A 2024 recovery is expected, but deficits will persist. OK is set to invest in Coop Denmark, gaining significant influence.