Swedish Retailer ICA Sees Slight Slump In February Sales
Swedish retailer ICA has posted a 0.2% year-on-year decline in February sales figures, citing calendar impact of the extra day in February 2016.
The Swedish retailer posted sales of SEK 8.35 billion (€0.88 billion) for the month, excluding VAT. For the combined months of January and February, its sales were SEK 17.2 billion (€1.81 billion), which is a like-for-like increase on the same period the previous year.
Its Maxi ICA Stormarknad business posted sales of SEK 2.4 billion, a 0.4% like-for-like increase, in February.
Its ICA Kvantum business posed SEK 2.04 billion worth of sales, its ICA Supermarket operation posted SEK 2.56 billion worth of sales, and its ICA Nära business posted SEK 1.24 billion worth of sales.
In a statement ICA said that it ‘estimates the calendar effect for February to be -3.1%. The large negative calendar effect relates to the leap day in February 2016.’
As of 28 February, the number of ICA stores in Sweden was 1,295. It will publish its store sales for March 2017 on 10 April next.
© 2017 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.