Swedish food and health retailer ICA Gruppen posted a net sales increase of 0.9% or €2,585 million in Q3, the company announced Wednesday.
The company listed lower inflation of food prices and a sluggish market in the summer as reasons for the almost-zero net gain.
CEO Per Strömberg was well aware of the slow rate of growth, but stated that it was steady. "Most of our businesses are showing improved earnings and have stable or growing margins. We are pleased with this, especially in view of the slightly higher level of costs we have in many parts of the Group for ongoing future investments," he said in a press release.
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Karen Henderson. To subscribe to ESM: The European Supermarket Magazine, click here.