Norwegian retailer Norgesgruppen hailed a “solid” performance in a “tough” market today (28 March) as it reported higher sales and operating profit for 2013.
The company said revenue rose 8.6% year-on-year, increasing to NOK67.39bn (US$11.22bn) in the 12 months to end-2013. Gains, the retailer suggested, showed that the group’s proposition was continuing to prove popular with consumers.
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Operating profit rose to NOK905m, up from NOK826m in the prior year period. However, operating margin fell from 4.1% in 2012 to 3.9% in 2013.
Margin pressure was the result of “fierce competition” in the grocery market – with price representing an “important element” in the “battle for customers’ favour”, Norgesgruppen said.
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