ICA Gruppen Announces 2.7% Increase In Net Sales In Q2 2016
Sweden’s ICA Gruppen has announced a 2.7% increase in net sales in the second quarter of the year, to SEK 26.2 billion.
Operating profit at the group totalled SEK 1.154 billion, up from SEK 1.018 billion a year earlier.
It said that operating profit was affected by a cost of SEK 27 million which was attributed to the acquisition and integration of Apotek Hjärtat, a pharmacy chain.
“ICA Gruppen continued to show favourable performance into the second quarter,” said Per Strömberg, chief executive. “All parts of the Group posted earnings improvements, except for ICA Bank. It is especially positive to note that we gained market shares and that the ICA stores in Sweden have had a few months with very good sales performance.
"On the negative side, we have experienced continued disruptions with associated high costs in our logistics operation in southern Sweden.”
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. To subscribe to ESM: The European Supermarket Magazine, click here.