Swedish retailer Axfood reported a 4.2% increase in consolidated net sales to SEK 11,931 million (€1.13 billion) in the first quarter of its financial year.
Operating profit was up 11.6%, amounting to SEK 485 million (€45.79 million) during the quarter.
Net profit for the period was SEK 354 million (€33.42 million), with earnings per share (before dilution) of SEK 1.68 (€0.16).
Growth was mainly driven by the strong performance of its discount grocery chain Willys, and restaurant wholesaler Axfood Snabbgross.
'A Strong First Quarter'
Commenting on the results, president and CEO, Klas Balkow, said, "Axfood is following up its record year 2018 with a strong first quarter in 2019. And we’ve done so this year without a boost from Easter, one of the year’s biggest food holidays."
"Behind this performance is our clear and distinctive food concepts, which are appreciated by existing and new customers alike. During the quarter we recorded a higher number of customer visits to our stores as well as online," he explained.
The retail group recently signed an agreement with the store chain Östenssons, in its endeavour to expand Hemköp's franchise operations.
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: European Supermarket Magazine.
