Søstrene Grene reports record-breaking annual results for 2023/24

Søstrene Grene has achieved its most successful financial year on record, showing significant growth despite a challenging retail environment. The company’s performance for the 2023/24 fiscal year highlights the success of strategic investments and growing customer demand for its unique blend of affordable, Scandinavian-inspired products.

For the year ending 30 April 2024, Søstrene Grene reported a 22 percent increase in turnover, from £203 million to £247 million, alongside a 15 percent rise in profit before tax, reaching £24 million from £21 million. Gross profit also saw substantial growth, improving from £76 million to £99 million.

Mikkel Grene, Group CEO and Co-owner, commented: “We are proud to announce the strongest financial result in Søstrene Grene’s history. This performance validates the strategic decisions we have made to innovate and expand our business. The results clearly demonstrate the effectiveness of our investments.”

Grene noted, “Our customers continue to seek quality, sustainability, and stylish designs at accessible prices. This has reinforced our position in the market, even amid broader economic challenges. Our ability to meet their needs during uncertain times has been a key driver of our success.”

In addition to its financial success, Søstrene Grene remains committed to sustainable growth. The company’s carbon reduction targets have been validated by the Science Based Targets initiative (SBTi), reinforcing its commitment to reducing environmental impact. Grene commented: “We are making meaningful progress in lowering emissions across our supply chain. With our targets validated by SBTi, we are on a clear, path to reducing our environmental impact while continuing to grow.”

Søstrene Grene’s financial success provides a strong foundation for its ambitious future plans. The company is allocating £11 million to important business projects, including SAP system implementation, warehouse automation through robotics, and enhancing digital and marketing capabilities. These efforts are part of a broader strategy to expand the brand’s presence, with 60 new store openings planned by the end of 2024 and an ambitious goal of reaching 500 stores by 2027.

Mikkel commented, “We are not only expanding our physical presence but also investing in technology to enhance efficiency and the customer experience. These investments are crucial as we position ourselves for sustained growth in the coming years.”

Despite rising freight costs, Søstrene Grene has prioritised maintaining affordability for its customers by absorbing these expenses rather than passing them on. Mikkel acknowledged the pressure on margins but reaffirmed the company’s commitment: “While increased freight costs are a challenge, we remain focused on keeping our products affordable. We expect some impact on margins this year, but we are confident in achieving even stronger results next year.”

Introduced to the UK in 2016, Søstrene Grene has quickly gained recognition for its affordable, Scandinavian-inspired home accessories. With over 300 stores across 16 countries and online shops in 14 markets, the brand has established a strong international presence and is setting ambitious goals for the UK aiming for a total of 100 stores before 2030. Founded in 1973 by the Grene family, Søstrene Grene remains a family-led business under Mikkel Grene, who became Group CEO and co-owner in 2011.