Lower revenues and results in the Norgesgruppen – news Norway – Overview of news from different parts of the country

Norgesgruppen is the country’s largest grocery chain and is behind chains such as Kiwi, Meny, Spar and Joker. Altogether, Norgesgruppen accounts for over 43 per cent of the market. During the pandemic years, Norgesgruppen increased both revenues and results sharply, with profit margins the company could previously only dream of. The figures show that in 2022 the total income fell for the first time. Skyrocketing price growth hit the wallets of most people, which also meant that many left fewer kroner in the country’s grocery stores than before. It appears in the accounts of the Norgesgruppen. Revenues landed at NOK 102.7 billion in 2022, around NOK 400 million lower than the previous year. At the same time, the result after tax was NOK 2.85 billion. It is over a billion weaker than in 2021. Extraordinary price growth for food in 2022 Rising energy prices and the war in Ukraine contributed to everything becoming more expensive last year. The increase in food prices was extraordinarily high, according to Statistics Norway. In the month of February alone, the prices of food and drink rose by 4.5 per cent, while annual growth was 6.5 per cent. Prices rose more than in many decades. At the same time, the figures show that consumers bought less food last year than during the pandemic. Apples are becoming more expensive, while the price of chocolate is falling: – The industry must tighten up Has earned more in recent years In 2021, Norgesgruppen had revenues of NOK 103.1 billion and achieved a profit before tax of NOK 4.9 billion. After paying around one billion in tax, the result after tax was 3.9 billion. The profit margin in 2021 was 3.8 per cent. Record high price growth surprises the economists: Two interest rate hikes are forecast before the summer This means that after the tax was paid, the company was left with NOK 3.8 from every 100 note that went through the payment terminals. The company was more profitable during the pandemic years 2020 and 2021 than the previous three years, the accounts show.



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