Swedish retailer ICA has posted a 1.3% decline in sales in October compared with the same period last year.
Sales for October 2016 stood at SEK 8.9 billion. This is a 1.7% decrease in like-for-like stores.
Overall, sales in the period January-October 2016 amounted to SEK 91,567 million, an increase of 2.4% compared with the previous year.
Commenting on its performance, Barclays European Food Retail Equity Research said, "We expect ICA’s top line growth will likely remain muted in the coming months due to a tougher basis of comparison, the continuing deceleration of food inflation in Sweden and a continuing tough competitive environment."
© 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.
