Musgrave Northern Ireland Trebled Its Profits Last Year
Musgrave has trebled its operating profits last year in the North of Ireland, according to the Irish Times.
The Irish retail and wholesale group, that owns SuperValu and Centra, revealed that its turnover rose by almost 4% to £271 million (€304 million), and its operating profits rose to £1.6 million (€1.8 million).
In addition to financial growth, the number of employees under the group rose by almost a third, to 625 workers, after workers employed by an outside contractor returned in-house.
According to the Irish Times, 80% of Musgrave’s turnover came from its wholesale units, which supplies independently-owned stores operating under its banner.
The group has a Brexit project management team in place to mitigate damage to its Northern Irish businesses. Chief executive, Chris Martin, previously said that look to hold more stocks in the Republic of goods imported via the UK. However, he added that this is unlikely to invest in more warehousing facilities.
In the North, the group owns and supplies 36 SuperValu stores, 83 Centra stores and 105 Mace stores. It also works with 90 Day Today outlets.
South of the border, Musgrave’s SuperValu recently partnered with Guaranteed Irish, the non-profit business membership organisation championing businesses operating in Ireland, with 75% of products stocked on SuperValu shelves sourced in Ireland.
© 2018 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click subscribe to sign up for the Checkout print edition.