Driven by record I.P.O., Lulu Retail ends 2024 up 5%

On February 10, the food retailer Lulu Retail posted a turnover of US$7.62 billion in the fiscal year to late December 2024. Sales grew by 4.7% at constant rates and 2.3% like-for-like. The retailer operates 250 stores (117 hypermarkets, 109 supermarkets, 24 convenience stores at the end of 2024) in 6 Middle Eastern countries. Private labels accounted for 29.6% of the business. With EBITDA up 4.4%, the operating margin reached 10.3% of turnover. Net margin (US$249.2 million, up 2.4%)...