Denmark's Salling Group has recorded DKK 70.3 billion (€9.14 billion) in revenue in its 2023 financial year, the first time it has topped the DKK 70 billion milestone.
The group cited its 'Priskrig' (Price War) initiative, which saw prices lowered on dozens of essential goods at Bilka, føtex, and Netto, as a key driver of its revenue, which was up 5.7% year-on-year.
EBIT came in at DKK 2.4 billion (€0.31 billion), up from DKK 1.9 billion (€0.25 billion) the previous year, while cash flow from operations was DKK 3.2 billion (€0.42 billion) higher.
Over the year, Salling Group invested DKK 2 billion (€0.26 billion) in new stores, renovations, energy improvements, and digital solutions, it said.
'Strong Momentum'
"After 2023, Salling Group stands with a historically strong momentum that gives us unique opportunities to accelerate the development of our business," commented Anders Hagh, chief executive of Salling Group.
"I am proud that with the 'Price War', we once again made an active difference to our customers, for whom high prices are a real concern in a stressful everyday life."
Sustainability Investment
In terms of sustainability, in 2023, Salling Group reduced CO2 emissions by 1.3%, with a 2.1% reduction in scope 1 and 2 emissions, as well as lowering its food waste rate to 1.7% in 2023, down from 1.8% in 2022.
The upgrade of its Netto stores to the '3.0' operating concept continued, with DKK 1 billion (€0.13 billion) being invested into this process.
"We have clear priorities for how we are going to expand our market leadership position going forward and make ourselves even more relevant to as many customers as possible," Hagh added.
"This must be supported by a new, ambitious strategic five-year plan, which is based on our five core priorities: Customers, Colleagues, Gender Diversity, Culture, and Climate. I look forward to sharing our new strategy later this year."
