Ireland-based wholesale and retail group Musgrave has delivered an 11 per cent rise in sales to €4.9 billion for full-year 2012.
The group, which counts Irish retailers SuperValu, Centra and Superquinn, as well as UK brands Budgens and Londis among its retail banners, saw total retail sales climb 9 per cent to €7 billion. Pre-tax profits increased 3 per cent to €72 million.
In addition, net debt was reduced by 24 per cent to €143 million with net assets increasing to €462 million.
Commenting on the results, Chris Martin, group CEO, said, “2012 was another year of challenging economic circumstance with continued austerity budgets, which has further cemented the changed mindset of consumers, who remain focused on spending less. Against this backdrop, we delivered a good financial performance.”
He cited the group's ‘Winning in the New World’ strategy as being key to its success in 2012 which he said "saw us further sharpen our offer to consumers, leverage our scale and improve operations across the Group. This is enabling us to focus on our brands and maintain our status as the leading partner to entrepreneurial retailers."
"In 2013 as we enter the second year of our strategy, we are seeing our sales improve in Ireland as the economy begins to stabilise whereas we are tackling the challenges presented in the UK and Spain where those economies are weakening."
Martin said Musgrave's focus in all three markets will be on strengthening its retail brands. (25 April)
© 2013 - ESM: European Supermarket Magazine by Sadhbh Connor
