Penny Romania, one of the top players in the country's retail sector, concluded 2022 with a robust turnover of RON 7.17 billion (EUR 1.45 bln), marking a significant 33% increase compared to the previous year. The company also reported a 15% rise in customer traffic in its stores.

The company's net profit rose 24% year-on-year to reach RON 152 million (EUR 31 mln) in 2022.

"2022 was a year of achievements and a year where we had to adapt once again, be flexible and remain optimistic with the desire to see our bold plans through. We registered a significant increase in turnover due to the number of customers; the Penny model has been discovered and appreciated by even more Romanians," said Daniel Gross, CEO of Penny Romania.

In a bid to expand its footprint and bolster its presence in Romania, Penny plans to invest over RON 5 billion (EUR 1 bln) by 2029. This strategic investment will mainly fund the expansion of its network to a total of 619 stores and six logistics centers.

The company is set to open another 40 new stores across the country this year.

In 2022, Penny Romania invested RON 631 million (EUR 128 mln) in modernizing and expanding its store network. The company completed the remodeling process of its existing stores, opened 36 stores in the new format, and ended the year with a total of 336 stores.

andrei@romania-insider.com

(Photo source: Emilio100/Dreamstime.com)