NORWAY: Reitangruppen Reports Solid FY Growth

Reitangruppen has a solid rise in sales for its 2016 fiscal year, driven by growth at its Rema 1000 banner.

For the year, group sales were up 4.3% to 89.2bn kroner, while operating profit jumped up 16.4% to 3.98bn kroner, even as pre-tax profit more than doubled to 7.3bn kroner. The Rema 1000 banner saw sales grow by 7.1% to 67.8bn kroner, while the Retain Convenience division recorded a 2.3% rise to 15.9bn.

The group noted that Rema 1000 had grown market in Norway despite a “challenging market”, adding that it was “pleased with the strong results” of its c-store division. It also highlighted its strong showing in international markets, which it said “offers some exciting future perspectives”.