Pictured: Noel Keeley, Group CEO, Musgrave
Noel Keeley, Group CEO, Musgrave is Business Person of the Month for December 2022, in association with KPMG. Keeley oversaw an increase in sales by the retail group as they reached the €4.5bn mark in 2021.
Musgrave increased sales in 2021 by 1% as its pretax profits rose by approximately 12% to more than €110m. This comes against a backdrop of declining sales across the retail sector as grocery revenues return to normal after the pandemic.
The pandemic catalysed a jump in shop sales throughout 2020 and 2021. As the cost of living crisis continues, Keeley said this jump in sales will combat “some of the losses we are seeing on the retail side” in 2022.
Musgrave, which owns SuperValu and Centra, is coming into 2023 in a strong position where inflation in the grocery sector is at 13.4%. This is the highest it has been in decades.
The company’s annual reports show they took in €6.3bn before tax across the 1,250+ stores in the Musgrave network. Retail sales from SuperValu came to approximately €3.5bn as Centra took in €2.3bn. Musgrave, which is headquartered in Cork, acts a wholesaler for these stores.
€3.8bn of the group’s revenue was achieved in the Republic as it also produced €500m in sales in Northern Ireland, where the company operates Mace. The firm’s operations in eastern Levante, Spain accumulated €200m in sales.
Read more BPOM:
Business & Finance, Business Person of the Month
Business & Finance, in association with KPMG, rewards excellence in business through the ‘Business Person of the Month’ award. This award seeks to recognise noteworthy achievements in business leadership, and, particularly, those that make a telling contribution to the wider business community in Ireland.