The Musgrave Group has revealed that it reached €5 billion in turnover for the first time in 2023, as profits for the year hit €103.9 million.
Released this week, the group’s results show a 6% increase from 2022’s turnover of €4.7 billion, largely in thanks to new-store acquisitions, openings, organic growth, and foodservice acquisitions.
Profit after tax reached €103.9 million – a 5% increase on €99 million the previous year – and it ended 2023 with net cash of €193 million.
In terms of sales, the group earned €4.1 billion from its Republic of Ireland operations, €0.6 billion from Northern Ireland, and €0.3 billion from Spain.
Musgrave operates a number of supermarket franchises, including SuperValu, Centra, Daybreak, Mace and Donnybrook Fair.
Growth has been a significant part of the year, with 25 SuperValu stores undergoing revamps, its Real Rewards programme surpassing a million users, and Centra hitting record-breaking sales of €2.1 million.
Sustainability
Musgrave set up a sustainability fund of €25 million, which retailers had fully used by the end of 2023.
Thanks to the fund, there was a 30% reduction in carbon emissions from 2021 to 2023, and the group has removed all non-recyclable black plastic trays for its own-brand fresh meat and fish from SuperValu and Centra stores, to reduce waste.
The group also installed 734 reverse vending machines in 592 stores as part of the Deposit Return Scheme.
Speaking about ongoing practices, the head of sustainability at Musgrave, Owen Keogh, said, “Our strategy, Growing Sustainably Every Day, is about working with retail partners, suppliers and customers to make every community a sustainable community.
“It is also focused on shifting consumer behaviour by making it easier and more affordable for shoppers to make sustainable choices – and, importantly, we have set a target of reducing our operational carbon emissions to reach net zero by 2040.”
‘Providing Consumers With Affordable Value’
Speaking about the results, the CEO of the group, Noel Keeley, said that convenience and cost are still of key concern for consumers and form part of the business plan.
Keeley said, “Throughout the year, we continued to invest strongly in our retail brands, providing consumers with affordable value while supporting our retailers, who are facing considerable business cost increases in what remains a highly competitive market.”
In terms of future plans, Keeley highlighted the importance of examining trends influencing shopper behaviour, such as a rapidly aging population and the rise of hybrid working.
He added, “Looking further ahead, we are focused on maximising the strength of our core brands as part of our 2030 strategy.”
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