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Norway: Europris shattered expectations - best first quarter ever

Discount Retail Chain Europris (Oslo stock listed) had to close ten percent of its stores in the first quarter. It did not stop them from delivering the best start to the year ever.

The low-price chain Europris has had strong sales growth and delivered strong results through the corona pandemic. The company presented results for the first quarter of 2021.

It was expected in advance that Europris would deliver a turnover of 1507 million kroner. Profit before tax was expected to be NOK 36 million.

The result shows a turnover of 1718 million kroner, and a profit before tax of 104 million kroner, according to a stock exchange announcement on Thursday morning. In the same period in 2020, Europris had a turnover of NOK 1383 million, and a profit before tax of NOK 2 million.

"We are very pleased to have delivered this result, especially in a period with several closed stores. The location of Easter, of course, has something to say when we compare speed. We have had a sales growth of 5.5 percent, at the same time as several of the stores have been closed", says CEO Espen Eldal to DN.

The fact that ten percent of Europris' stores were closed due to infection control measures in the first quarter was not enough to stop them from delivering the best ever first quarter.

Espedal points out a cold winter that has led to a high sale of seasonal equipment, the timing of Easter and the corona effect of people being more at home as important reasons.

Europris, result per 1st quarter (in MNOK / US$)

2021 2020 Change

Turnover 1708/200 1382/160 +23.6%

Operating profit (ebit) 151/17.5 44/5.1 +243.2%

Result before taxes 104/12 2/0.23 +5100%

Europris, like several other grocery retailers, has experienced strong growth during the corona pandemic.

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