Sales At Musgrave Group Increase By 11%
Published on Apr 24 2013 3:12 PM in Retail
The Musgrave Group is reporting sales of €4.9 billion for the year ended 31 December 2012.
The figure represents an 11% increase on the previous year delivering a profit before tax of €72 million, an increase of 3%.
Total retail sales was €7 billion, up 9% on 2011.
In addition, net debt was reduced by 24% to €143 million with net assets increasing to €462 million.
Commenting on the results, Chris Martin, Musgrave Group chief executive, 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 continued: “This was achieved through our ‘Winning in the New World’ strategy, which 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. Our focus in all three markets will be on strengthening our retail brands and exploring opportunities to take our brands further and to build on our growth agenda.”