Earnings At Sweden's ICA 'Unsatisfactory' In Q2, Says CEO
Per Strömberg, the chief executive of Swedish retailer ICA, has dubbed the group's second quarter earnings "unsatisfactory", after the group posted EBITDA of SEK 1.43 billion (€140 million), down from SEK 1.65 billion in the same period the previous year.
In the group's second-quarter statement, Strömberg said that volume variations and transport costs have pushed up logistics costs at the group, while its 'added services' operation posted a weaker performance due to the rollout of an e-commerce warehouse in Stockholm.
"On top of this, the high level of activity - with many different ongoing development projects - has led to a higher overall cost level for ICA Sweden compared with a year ago," he said.
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