SuperValu parent company announces increased profits for 2016
Food retailer and wholesaler Musgrave, who’s brands include SuperValu, Centra, Daybreak, and Mace, has today announced pre-tax profits of €73m for 2016.
Profits have increased by more than €5m on the 2015 figures.
Sales for the year were €3.7bn, and the company had net cash at year-end 2016 of €121m.
SuperValu, which as 219 outlets around the country, performance particularly well for the group in 2016, recording sales of €2.67bn, an increase of 2.4pc on 2015.
The company said that it would invest €35m in revamping SuperValu stores and open two new stores in 2017.
Sales also increased at Centra, up 3pc in 2016 to €1.59bn.
The group said that its convenience stores and wholesale outlets in Spain also performed well in 2016, marking a turnaround of this business.
Announcing the results, Musgrave said that it was well positioned to deliver long-term sustainable growth, capitalising on the anticipated growth of the grocery and foodservice markets across the island of Ireland and Spain.
“Investing in our brands during the recession was a successful strategy positioning us to benefit from recovering economies in the Republic of Ireland, Northern Ireland and Spain,” Chris Martin, chief executive officer at Musgrave, said.
In 2016 the company, which employs over 35,000 people, announced that it was developing an export business to China through a partnership with Alibaba.