Norwegian retailer NorgesGruppen remained positive for the future today (4 September), despite booking a 2.4% drop in half-year profit.

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For the six-month period, pre-tax profit dropped to NOK776m (US$128m) from NOK795 in the comparable period of 2008.


EBITDA, however, was up 4.5% to NOK1.38bn compared to the previous year, as a result of organic growth and new store openings.


Revenue was also up, by 9.4% to EUR25.47bn from the previous year.


“The board has a strong focus on the group’s financial position with a background in the unrest and uncertainty that has marked financial markets in the world in recent months,” the company said. “The group will continue to closely monitor developments and make the eventual necessary adjustments in the level of investment to come.

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“NorgesGruppen is a well-positioned group, adaptable and proactive in relation to the future.”