Søstrene Grene has reported its most successful financial year to date, showcasing significant growth in a challenging retail environment. The Danish retail chain, known for its Scandinavian-inspired products, has seen increased demand, which contributed to the positive financial outcomes.
For the fiscal year ending 30 April 2024, Søstrene Grene announced a 22% increase in turnover, growing from £203 million to £247 million. Profit before tax rose by 15%, reaching £24 million compared to £21 million the previous year. Gross profit also surged, from £76 million to £99 million. These figures underline the effectiveness of the company’s strategic investments.
Mikkel Grene, Group CEO and co-owner of Søstrene Grene, commented: “We are proud to announce the strongest financial result in Søstrene Grene’s history. This performance validates the strategic decisions we have made to innovate and expand our business. The results clearly demonstrate the effectiveness of our investments.”
In addition to financial success, Søstrene Grene remains committed to sustainable growth. The company’s carbon reduction goals have been validated by the Science Based Targets initiative (SBTi), reinforcing its environmental commitment. Grene remarked: “We are making meaningful progress in lowering emissions across our supply chain. With our targets validated by SBTi, we are on a clear path to reducing our environmental impact while continuing to grow.”
Looking forward, Søstrene Grene has set ambitious goals, with plans to open 60 new stores by the end of 2024 and an overall target of reaching 500 stores by 2027. The company is allocating £11 million towards key business projects, including implementing a new SAP system, warehouse automation, and enhancing its digital marketing capabilities. These initiatives are part of a broader strategy to expand both physical and technological capabilities.
Despite challenges such as rising freight costs, the company has absorbed these expenses to keep prices affordable for its customers. Grene acknowledged the pressures but maintained the company’s commitment to affordability: “While increased freight costs are a challenge, we remain focused on keeping our products affordable. We expect some impact on margins this year but are confident in achieving even stronger results next year.”
