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Retail

Sweden's ICA Sees Sales Up 5.7% In November

By Steve Wynne-Jones
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Sweden's ICA Sees Sales Up 5.7% In November

Swedish retailer ICA Gruppen has posted a like-for-like sales increase of 5.7% across its store estate in November.

Sales across the group's portfolio stood at SEK 10.47 billion (€1.03 billion) in the month, the group said, while sales in the January to November period were up 7.2% to SEK 118.4 billion (€11.6 billion).

Banner Performance

In November, the group's Maxi ICA Stormarknad banner was the group's strongest performer, seeing like-for-like sales up 8.4%, while its ICA Nära convenience store business was up 7.6%.

ICA Kvantum was up 3.8% on a like-for-like basis, while ICA Supermarket rose by 3.4%, it added.

ICA Gruppen estimated a negative calendar effect of 2.1% in November. As of 30 November, the number of stores across the group's portfolio totalled 1,266.

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Commenting on its performance, Barclays European Food Retail Equity Research said, 'Performances marked a muted sequential acceleration across almost all banners and remain dynamic by historical standards.'

© 2020 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: The European Supermarket Magazine

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