Norgesgruppen increased profit to 2.6 billion NOK

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Norgesgruppen increased its revenues by 5.9 percent 2014.

But CEO Tommy Korneliussen believes 2015 will be tougher.

Norgesgruppen reached 71.4 billion NOK in revenues, an increase of 5.9% compared with 2013, and made an operating profit of 2.6  billion. Danish operations in Dagrofa are not included.

The Group says all business areas show improvement in operating profit compared with the previous year. The increase in performance is due to good growth in sales revenue, as well as continuous work efficiency in the flow of goods and in stores.

”I do not wish to comment single chains, but it is well known that Kiwi is one of two best performing chains in Norway. And it is good to see that Meny holds on well,” Tommy Korneliussen tells E24.no.

But he sees new challenges on the Norwegian market with a stronger competition from Coop after the acquisition of Ica – and a slowdown in the grocery market growth.

Norgesgruppen is controlled by the Johannson family who’s dividend this year was 385 million NOK.