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Retail

Tegut Sees Turnover Up 2.44% in Full-Year 2023

By Steve Wynne-Jones
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Tegut Sees Turnover Up 2.44% in Full-Year 2023

German retailer Tegut reported a total net turnover of €1.28 billion in 2023, an increase of 2.44% on the previous year.

Commenting on its performance, managing director Thomas Gutberlet noted that Tegut had managed to "keep sales at a consistently high level in a year that was once again characterised by inflation and purchasing reluctance".

He noted that the group's mix of formats was well suited to the Germany shopper, adding, "We obviously have the right mix of different sales concepts that enable customers to buy from us according to their lifestyle and work habits."

Basic Acquisition

The Fulda-based group said that the year was notable for the acquisition of organic supermarket chain Basic, adding 19 stores to its network, including increasing its store count in Munich from two to 14 stores.

Tegut said that the share of organic products sold in its stores stood at 27.9% last year, a slight drop on the previous year.

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As well as the acquisition of Basic, Tegut continued the rollout of its 'teo' autonomous store concept, with 39 locations now active, in Hesse, Bavaria and Baden-Württemberg.

As for the Tegut brand itself, new supermarkets were opened in Ingolstadt, Upper Bavaria, in Bad Homburg, Hochtaunuskreis, and in Niederdorfelden, southern Hesse, among other locations, while a number of stores were completely renovated.

New Openings

In total, Tegut ended the year with 345 stores, with new openings scheduled for 2024 in Böblingen, Baden-Württemberg, in the Kaiserhof district of Wiesbaden and in Bischofsheim, Hesse.

The recent completion of a new logistics center in Michelsrombach was also highlighted by the group as a major strategic achievement for the year.

' With the new facility, Tegut takes into account the logistical challenges of the ongoing expansion and has positioned itself securely for the future,' it said in a statement.

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