Musgrave announces €4.8 billion sales in ‘08

Musgrave has invested some €140 million in price reductions across its Irish retail brands and is committed to making further investment in price cuts this year, CEO Chris Martin said the announcement of the group's results
Retail giant Musgrave has a new addition to its board of directors

Sales across all Musgrave Irish retail brands totalled €4 billion, up 5.6% largely on account of new store openings in the Supervalu, Centra and Daybreak groups



12 June 2009

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Musgrave announced annual sales of €4.8 billion for the year ending 31 December 2008. The results represent a 5% increase across the group’s UK and Ireland business at constant exchange rates but a 1% decrease at actual rates.

Retail sales by Musgrave retail partners amounted to €7.1 billion, up 6% at constant rates (down 0.6% at actual rates), and group profit after tax of €65.1 million; a decline of 8% on the previous year, and a 1.3% return on sales.

Sales increases realised by the Centra and Supervalu groups in Ireland were due primarily to new store openings; eight Supervalus and 44 Centras in 2008. Daybreak also delivered increased sales through its network which expanded by 30 new stores last year.

Sales across all Musgrave Irish retail brands totalled €4 billion, up 5.6%. This breaks down as €1.5 billion Centra sales (+9.3%), €2.3 billion Supervalu sales (+3.4%), and sales in Musgrave’s Cash and Carry business staying flat for the year in both the Republic and Northern Ireland.

Commenting on the performance, Musgrave CEO Chris Martin described the results as “satisfactory” given the recession. He said the group’s Irish retail partners outperformed the market once again in 2008, “driven by our investment in brand development over the past three years.”

Martin continued: “Behind these sales we have been investing in lower prices for consumers and have been supporting our retail partners during these difficult times. Increased margin and cashflow support is helping them to compete and deliver lower prices which has led to a 20% reduction in our profit.”

According to the group, . Martin said Musgrave is also committed to developing the brands as a “strategic focus” for the company so that, in addition to bringing down prices, “there is no compromise on the quality of the shopping experience.”

Musgrave also said that it will remain committed to supporting Irish food producers, which is “at the heart of the entire organisation and will continue to provide us with an enduring source of competitive advantage,” Marin said.



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