Italian discounter MD has announced that it exceeded €3.4 billion in turnover in 2022, with a sales increase of 11% compared to the previous year.
The company, which is the third largest discount chain in Italy, with 800 stores, also reported a net profit of €72.4 million (+2.7%).
With energy and raw material cost increases impacting shopper purchasing power, MD said that it absorb some of the increases and maintain its commitment to offering affordable prices to its customers.
'Difficult Period'
"These results are the result of the great commitment of the entire team," commented Patrizio Podini, MD's president. "The difficult period we are going through requires us, even more, to make well-considered choices aimed at creating greater opportunities for everyone."
"We want to actively contribute together with the entire MD team, to building a better future by placing customers, collaborators, suppliers, and the surrounding environment at the centre of our business vision. Quality, proximity, and customer service are the values we want to focus on."
Elsewhere, it invested nearly €200 million in the last year to modernise its network and improve its services.
Read More: Italy's MD Inaugurates Cortenuova Logistics Centre
Store Openings
Looking to the future, MD plans to open 38 new stores in 2023, of which 28 will be directly-owned and 10 franchised.
To support these plans, the company has earmarked over €170 million for investments, which will include staff training and network modernisation.
"We want to remain consistent with our ideals and with our original vocation, continuing to present ourselves as a point of reference for quality and convenience to protect the purchasing power of Italian shoppers," Podini added.
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