NORWAY: Norgesgruppen sees "solid" performance in "tough" market
Norwegian retailer Norgesgruppen hailed a "solid" performance in a "tough" market today (28 March) as it reported higher sales and operating profit for 2013.
The company said revenue rose 8.6% year-on-year, increasing to NOK67.39bn (US$11.22bn) in the 12 months to end-2013. Gains, the retailer suggested, showed that the group's proposition was continuing to prove popular with consumers.
Operating profit rose to NOK905m, up from NOK826m in the prior year period. However, operating margin fell from 4.1% in 2012 to 3.9% in 2013.
Margin pressure was the result of "fierce competition" in the grocery market - with price representing an "important element" in the "battle for customers' favour", Norgesgruppen said.
Click here to view the regulatory filing.
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