Norwegian retail group Norgesgruppen has reported strong revenue growth of 5.9% in 2012, rising to NOK62.1bn, and continues to grow its market share.
Positive performance across the group
Operating profit was healthy at NOK2.6bn, up 4.6% on 2011. Growth was driven by the Kiwi discount stores and its convenience banners including Joker and Spar. Meny stores also performed well, although not as strongly, due to partial store closures for refurbishments throughout the year.
Norgesgruppen invested significantly in acquiring and establishing new stores in 2012 as it seeks to grow its estate. Acquisitions included Bakers AS, which will enable the group to improve the quality of the bread and cakes it produces, and Matbørsen, a ready meal manufacturer of whom Norgesgruppen is its biggest customer. Its wholesaling arm, Asko, is also doing well. 2012 saw it open a modern new warehouse, as well as securing an agreement to be the distributor for Coca-Cola in Norway.