NORWAY: NorgesGruppen Reports Solid FY Growth

NorgesGruppen has reported solid profit and revenue growth for fiscal 2016, helped by expansion of its store network and online sales.

For the year, revenue rose by 5.2% to 80.1bn kroner, operating profit was up 3% to 3.27bn kroner, while net profit was up 4.4% to 2.47bn kroner. In particular, the group’s Kiwi banner and its online channel performed strongly.

The group opened 33 new Kiwi stores during 2016, and said it will open another 25 this year.  It will also introduce an online offer for its Joker banner this year. Another focus for the year will be the food-to-go format, as well as improving efficiency.