Sweden’s Axfood Posts 5.1% Increase In Consolidated Net Sales In 2016
Swedish retailer Axfood has said that 2016 was its ‘best year’ to date, as the retailer posted a consolidated net sales increase of 5.1% to SEK 43,355 million ( about €4.5 billion).
Like-for-like sales at group-owned stores increased 2.0% for the full year, with operating profit up to SEK 1,902 million (compared to SEK 1,760 million the previous year). Net profit at the group was SEK 1,473 million.
“2016 was another year of excellent sales growth,” said Anders Stralman, president and CEO at Axfood. “The goal for the year was to prioritise growth with maintained profitability and that is exactly what we have done. All companies in the group lived up to my expectations.
“Operating profit for 2016 was our best so far - and in line with the forecast we had previously issued.”
Since the start of 2017, Axfood has announced its plans to take over Matse Holding, an online Swedish retail business.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up for ESM: The European Supermarket Magazine.