Irish retail group Musgrave Group has reported sales of €3.7 billion for the 2016 financial year, with profit before tax of €73 million.
The group also outlined that its net cash was €121 million and shareholder funds were €249 million at year end.
Chris Martin, Musgrave chief executive said, “2016 saw a strong performance by Musgrave benefitting from investment in our brands, a clear focus on cost reduction and the delivery of a transformation programme which we initiated in 2014 to turnaround the business and return to growth."
Martin said that investing in its brands during the economic recession was a successful strategy, which positioned the group to benefit from recovering economies in the Republic of Ireland, Northern Ireland and Spain.
"Our business performed strongly in 2016 with turnover up 3.4% on a constant currency basis and we are well positioned to deliver long-term sustainable growth, capitalising on the anticipated growth of the grocery and foodservice markets across the island of Ireland and Spain."
"We are continuing to drive our business and to look for new opportunities as appropriate," he added. "While the business is performing well to date in 2017, we remain cautious as a result of the uncertainty created by Brexit and its potential to slow growth in the Irish food and grocery retail sector.”
Musgrave Group operates stores under the SuperValu, Centra, Daybreak and MarketPlace brands. Earlier this week, Kantar Worldpanel revealed that SuperValu has retained its position as the top supermarket in Ireland, with a market share of 22.3%.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Donna Ahern. Click subscribe to sign up to ESM: The European Supermarket Magazine.