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The Group reported sales up 3.4% to €3.7bn. Net cash was €121m and shareholder funds were €249 million at year end.
The group owns retail brands SuperValu, Centra and Daybreak, and the wholesale brand MarketPlace.
SuperValu, Ireland’s largest grocery retailer, recorded a 2.4% increase in sales to €2.7bn in 2016. SuperValu is to invest €35m in store revamps and open two new stores in 2017.
Its other major brand, Centra, achieved a 3% increase in sales to reach €1.59bn in 2016.
Musgrave is planning to refurbish over 100 Centra stores as part of a €20m investment programme.
Musgrave’s chief executive, Chris Martin, said “2016 saw a strong performance benefiting from investment in our brands, a clear focus on cost reduction and the delivery of a transformation programme”.
Musgrave is one of Ireland’s longest-running family businesses, founded in 1876 in Cork by brothers Thomas and Stuart Musgrave.
Today, Musgrave and its retail partners support more than 40,000 jobs, in more than 1,400 stores and offices in Ireland, Northern Ireland and Spain.
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