Discount retailer Penny Market increased its net profit in the Czech Republic by 27 percent last year, reaching CZK 1.17 billion. According to financial data published in the Collection of Deeds, the company’s total sales rose 11.6 percent year-on-year to CZK 61.9 billion. Penny Market operates in the Czech market alongside supermarket chain Billa, both part of the German retail group Rewe. By the end of 2024, Penny Market’s Czech network had expanded to 431 stores, adding 11 more compared to the previous year. During the year, the company opened 12 new branches, renovated 25, and enlarged the sales area of four. Employment also grew slightly, with an average of 6,405 people working for the chain compared to 6,202 in 2023. Personnel costs rose by 9.1 percent to CZK 4.6 billion, reflecting higher wages, social contributions, health insurance, and employee benefits. At group level, Rewe reported revenues of EUR 96.1 billion (around CZK 2.4 trillion at the Czech National Bank’s 2024 average exchange rate), an increase of 4.6 percent from the previous year. The German market accounted for the majority of these sales, generating EUR 66.1 billion. Performance across Rewe’s Czech subsidiaries varied. While Penny Market delivered growth, Billa Czech Republic posted a net loss of nearly CZK 63 million, reversing its CZK 459 million profit from the year before. However, Billa’s revenues rose 4.5 percent to CZK 35.2 billion. The Czech discount retail market remains competitive, with Lidl, part of the Schwarz Group, maintaining its lead. Lidl ČR reported a net profit of CZK 3.1 billion on sales of CZK 66.7 billion in its shortened financial year ending December 2023. The company had earned CZK 5.2 billion in profit and CZK 84.4 billion in sales during its previous full financial year. Penny Market’s results show steady growth over the past five years, with net profit fluctuating between CZK 676 million and CZK 1.17 billion, while sales climbed from CZK 38.7 billion in 2019 to CZK 61.9 billion in 2024. Source: CTK