Finnish S Group has released its results from January to September this year, with sales of €8.4bn.
Strong grocery sales drive overall growth
Overall, sales increased by 1.5%. Strong growth in grocery compensated for weaker growth elsewhere in the organisation. Sales in consumer goods declined by over 1% and sales in department stores declined by 7.5%; while grocery sales increased by 4%. S Group cited the recession in the Finnish economy was a factor in overall performance, although this affected grocery sales the least.
International sales generate double digit growth
Foreign net sales increased by 23.3% to €401m. This illustrates S Group’s trading priority of expansion in its international markets of the Baltics and Russia.