Søstrene Grene celebrates its most successful financial year ever, driven by strategic growth and investment.
- The Danish retailer achieved a 15% increase in pre-tax profits, amounting to £24 million, by April.
- Sales surged by 22% despite facing broader economic challenges, reaching £247 million.
- CEO Mikkel Grene attributes success to strategic decisions and innovation within the company.
- Despite rising freight costs, Søstrene Grene is committed to maintaining affordable prices.
Søstrene Grene has marked its most successful financial year to date, a milestone largely attributed to its ongoing expansion in the United Kingdom. This Danish retailer, currently operating over 25 stores in the UK, has announced ambitious plans to increase this number to 100 by 2030. The financial year ending in April saw a notable 15% increase in pre-tax profits, rising to £24 million. Such impressive growth is credited to strategic investments and a rise in consumer demand for the company’s offerings.
Despite facing a series of broader economic challenges, Søstrene Grene reported a remarkable 22% increase in sales, reaching a total of £247 million. This growth validates the company’s strategic direction, as stated by CEO and co-owner Mikkel Grene, who emphasised the importance of innovation and expansion in achieving these results. He noted, “This performance validates the strategic decisions we have made to innovate and expand our business. The results clearly demonstrate the effectiveness of our investments.”
Looking ahead, Søstrene Grene anticipates challenges in maintaining its profit margins due to increased freight costs. The company remains committed to absorbing these costs in a bid to offer customers continued affordability. “While increased freight costs are a challenge, we remain focused on keeping our products affordable,” said Grene. He maintained an optimistic outlook, highlighting confidence in achieving even stronger results in the next fiscal year.
The retailer’s robust financial results provide a strong foundation for future growth and development. Søstrene Grene has earmarked £11 million for key projects such as implementing an SAP system and enhancing warehouse automation through robotics. Furthermore, an emphasis is placed on boosting digital and marketing capabilities to enhance both efficiency and the overall customer experience. This strategic focus is expected to facilitate sustained growth in the coming years, with plans to open 60 new stores globally by the close of 2024 and a target of 500 stores by 2027.
Søstrene Grene’s strategic investments and commitment to expansion underscore its strength and resilience in a challenging economic environment.
