• Half-year net profit up 30.4%
  • Net sales rise 5.4%
  • Operating profit up 26%

Norway-based retailer Norgesgruppen has reported rises in both sales and profits for the first half of its fiscal year.

For the six months to the end of June, Norgesgruppen said yesterday (30 August) that net profit jumped by 30.4% on the same period of 2011, to NOK912m (US$157m). Net sales rose by 5.4% to NOK29.7bn, while operating profits increased by 26%, to NOK1.4bn.

The retailer attributed its strong results to a mix of organic growth, acquisitions and new stores.

Norgesgruppen has had a busy few months. During the half-year period, its Asko subsidiary opened a 24,000-square-metre warehouse on the outskirts of Tromso. The firm also held negotiations to purchase Danish wholesale firm Dagrofa, but walked away from the talks in May.

At the the start of the year, the firm completed its purchase of Norwegian bakery group Bakers from Orkla. It has also signed a deal to buy the remaining 60% of shares in Matbørsen, which produces fresh ready meals for the Norwegian grocery market.