Retailer, Sostrene Grene has reported a 22% increase in turnover from £203m to £247m for the year ending 30 April 2024.
The retailer also reported a 15% rise in profit before tax, of £24 million up from £21 million. Gross profit also saw substantial growth, improving from £76 million to £99 million.
Group ceo and co-owner, Mikkel Grene, commented: “We are proud to announce the strongest financial result in Sostrene 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.”
The success of the past year provides a strong basis for its future plans. The firm is allocating £11m to projects including SAP system implementation, warehouse automation and enhancing digitial and marketing capabilities.
Sostrene Grene also has plans for 60 new store openings by the end of 2024 and a goal of reaching 500 stores by 2027.
