Danish retailer Dagrofa has reported an operating profit of DKK 426 million (€57.1 million) in its 2023 financial year, which the group said was its strongest profit performance for 20 years.
After tax profit stood at DKK 89 million (€11.9 million), which was a more than 20% increase on the previous year.
In a statement, Dagrofa, which operates the Meny, SPAR, Min Købmand and Let-Køb banners, said that it saw growth in all its business segments, particularly in its logistics operations.
'Upward Trend'
"We once again achieved growth in Dagrofa, and maintained the upward trend of recent years with a result that is 20% better than last year, in a highly competitive market," commented chief executive Tomas Pietrangeli.
Its Dagrofa Logistics business performed particularly well, it noted, attracting new customers both domestically and internationally, while its retail chains also gained market share.
Elsewhere, Dagrofa Foodservice also demonstrated significant earnings improvement, the group noted.
'Very Proud'
"I am very proud of the excellent results we present today, with growth in all our business segments," said Pietrangeli. "This is primarily due to our talented employees across the entire organisation, who contribute every day to ensuring our customers have a good experience.
Dagrofa expanded its store count in 2023, ending the year with 527 stores, 13 more than the previous year. The company has planned additional store openings across all chains in 2024. As of the end of the year, Dagrofa employs 14,000 people across its operations.
The retailer is expected to publish its full financial report for the year on 8 April.
Dagrofa Foodservice
Last month, its Dagrofa Foodservice wholesale business said that it donated 17 tonnes of surplus goods, contributing to the production of 42,500 meals, to JunkFood, an organisation that helps Copenhagen's homeless on a daily basis.
The retailer's logistics arm also recently signed a deal with Løvbjerg to extend its partnership for another six years.
