Norwegian retail group, Reitangruppen has reported stellar performance in 2012, increasing sales by NOK8bn to a total of NOK71.7bn.
Solid performance across all divisions
All four divisions of the group saw sales rise, with a strong performance at discount banner Rema 1000. Sales rose 11.6% across Rema, with Denmark delivering the strongest performance, up by 19.5% year on year. CEO of Rema, Ole Reitan, said the result was "absolutely fantastic".
Growth driven by acquisition
The convenience business delivered the biggest growth, up 20.4% on 2011. 2012 saw Reitan acquire over 1,000 kiosk outlets in Finland, Estonia, and Lithuania from Finnish media company Sanoma OY, which drove the growth, adding NOK13bn in revenues. The Group has stated that its focus now is to further develop its brands in these markets. Commenting on the positive growth, CFO Kristin Genton said "The large investments made emphasize the Reitan family long-term ambition to create a large, solid industry leader in commercial and real estate."