Globus Retail Group's Sales Soar
The Globus Retail Group, based in St. Wendel, Saarland, has experienced a notable increase in sales for its 2022/23 financial year, which ended on June 30. The company reported a 11.4% increase in sales compared to the previous year, amassing a total of 9.82 billion euros. This growth can be attributed in part to the expansion of its store network, which now comprises 101 outlets following the addition of nine new stores and 16 former Real stores over the past three years.
Financial Performance: A Promising Picture
The company's operating earnings before interest and taxes (EBIT) improved significantly, rising by 73% to 486.2 million euros. This increase includes a positive effect of 196 million euros from the realization of reserves for five locations within a finance lease, as previously mentioned. Regarding the net profit, no specific information was provided in the announcement.
DIY Stores Hold Their Ground
Despite rising energy prices and a general reluctance to spend, the DIY stores managed to maintain their sales levels, marking an increase of 0.3% when compared to the previous year. This resilience could be attributed to the strong demand for solar balcony power plants, fuels, and stoves.
Employee Involvement in Company Growth
As one of the largest family-owned companies in the German retail sector, Globus Retail Group recognizes the importance of employee investment. Approximately half of the company's employees participate financially through the purchase of shares in the company.
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