Group enjoyed revenue growth despite subdued consumer sentiment and poor economic forecast, and announces €16bn investment programme up to 2028
German retailer Rewe Group has announced a strong set of financial result for 2024, with total revenue and net income climbing.
This was achieved, the group said, despite ”persistently volatile geopolitical and economic conditions”.
Total external revenue rose by 4.6 per cent to €96bn, it reported, while EBITA ”remained high” at €2bn, growth of 8.9 per cent..
Net income for the year rose from €736.2mn to €1bn, mainly due to a one-off effect.
Rewe also announced that it is investing €16bn in the future of purchasing up to 2028, with a targeted focus on digitalisation, locations and infrastructure.
“While other sectors of the economy are cutting back on investments or even closing sites, we are strengthening Germany and Europe as business locations with investments that are themselves very high for the industry,” said Rewe Group CEO Lionel Souque.
”We promote national value creation and remain a strong, reliable economic engine even in difficult times.”
Group CFO Telerik Schischmanow expressed satisfaction with business growth in 2024, noting the company was in a “consistently healthy position”.
”Sustainable growth and long-term competitiveness are embedded in our DNA as a cooperative,” he outlined. ”Keeping these targets in our sights, we continued our investment offensive in 2024 with one of the highest investment volumes in European retail.
”As a group, we are well positioned and very solidly financed for our investments and further growth.”
Souque pointed out that 2024 was ”anything but a foregone conclusion” in view of the uncertain overall situation across the EU, subdued consumer sentiment and the trend towards negative economic development.
”It is therefore not a given that we are able to say that 2024 was a good year for us,” he added.
“This success is due to commitment of all our colleagues, because all business segments have contributed to this positive growth.”
