Søstrene Grene hails most successful financial year on record
Søstrene Grene has reported its most successful financial year to date as it continues its expansion across the UK.
In the year to 30 April, the Danish homewares brand posted a 22% increase in turnover to £247 million and a 15% rise in pre-tax profit to £24 million.
Mikkel Grene, Søstrene Grene chief executive and co-owner, said: “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
“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.”
Søstrene Grene said its financial success has laid a strong foundation for its ambitious growth plans. The company is allocating £11 million to projects such as SAP system implementation, warehouse automation through robotics, and enhancing its digital and marketing capabilities. It is currently growing its brand’s presence with 60 new store openings planned by the end of 2024 and a target of reaching 500 stores by 2027.
Despite increased freight costs, Søstrene Grene has prioritised maintaining affordability for its customers by absorbing these expenses rather than passing them on.
Grene explained: “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.”
With over 25 UK stores and plans to debut in Wales this autumn, Søstrene Grene is rapidly expanding, at times opening two stores a week, even on the same day.
Søstrene Grene currently has over 300 stores across 16 countries and online shops in 14 markets. It is now aiming to have 100 stores in the UK before 2030. Founded in 1973 by the Grene family, Søstrene Grene remains a family-led business under the leadership Grene, who took up his current role in 2011.
