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Søstrene Grene said it is celebrating its “most successful financial year on record” as its profit-before-tax increased 15% to £24m, during the year ending 30 April 2024.
The news comes as Søstrene Grene reported a 22% increase in turnover, from £203m to £247m, alongside gross profits improving from £76m to £99m.
Søstrene Grene said its financial success provides a “strong foundation” for its future plans. The company is allocating £11m to important business projects, including SAP system implementation, warehouse automation through robotics, and enhancing digital and marketing capabilities.
These efforts are part of a broader strategy to expand the brand’s presence, with 60 new store openings planned by the end of 2024 and an ambitious goal of reaching 500 stores by 2027.
Mikkel Grene, Group CEO and co-owner, said: “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.
“…Our customers continue to seek quality, sustainability, and stylish designs at accessible prices. This has reinforced our position in the market, even amid broader economic challenges. Our ability to meet their needs during uncertain times has been a key driver of our success.”
He added: “We are not only expanding our physical presence but also investing in technology to enhance efficiency and the customer experience. These investments are crucial as we position ourselves for sustained growth in the coming years.”
Introduced to the UK in 2016, Søstrene Grene has over 300 stores across 16 countries and online shops in 14 markets, the brand has also set goals for the UK aiming for a total of 100 stores before 2030.
