S Group Sees 3% Retail Sales Growth In Q1 2024
In the first quarter that ended August 2024, the Finnish S Group showed a 3% increase in retail sales excluding taxes, reaching €3.3 billion.
During this period, S Group stores accumulated sales of €2.5 billion, up 5.2% compared to the corresponding period last year, thanks to competitive pricing strategies, a statement from the board tells him
There was increased activity in the culinary segment, in part due to Leap Day and the start of Easter, which effectively shifted seasonal sales from April to March
Hannu Kruk, president and CEO of SOK, expressed, “We forecast that our food sales in the first half of the year exceeded the wider Finnish market.
It is of utmost importance to fulfil our corporate core commitment.” which is to deliver a diverse and affordable shopping experience to lift The value.” has reinforced customer ownership.”
what consumers want
The S-Group said customers have shown a preference for new, budget-friendly products, a selection of popular Cotimaista varieties, commemorating its 10th anniversary, and basic cooked items, such as potatoes, pasta and meat that have been roasted
Additionally, in January, the company reported an impressive 15% increase in sales of vegan products in its stores compared to the same period a year ago
In speciality household goods, the S Group saw strong demand for garden furniture, sporting goods and recreational electronics.
However, sales fell slightly in the speciality retail segment of department stores, which stood at €54.1 million in the quarter, representing a decrease of 4.4% compared to the previous year
Functions of departments
The travel and hospitality segment reported steady sales in the January-March period, including 181.9 million euros.
Kroc explained, “Demand improved as the quarter expanded after a cautious start in January. Overall, our S Group hotels and restaurants performed as expected.” During January–March, our customers value exceptional service along with quality products and reasonable prices.
Sales in transit fell slightly by 0.9% to €482.8 million, driven by lower global liquid fuel prices
The first quarter also posed challenges for the business, such as a period of strikes compared to the previous year and a drop in road traffic volumes, according to the S Group.
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