Sweden's ICA Gruppen posted growth slower than the market average in the second and third quarters of the year, the retailer has stated.
Based on Retail Sales Index (Detaljhandelsindex) data from research firm HUI, which is used by ICA Gruppen to assess the performance of ICA stores compared to the market in general, the slowdown is due to the fact that HUI
revised its growth rate for the market.
Market growth was revised upwards from 1.7% to 3.0% for the second quarter and from 2.9% to 4.2% for the third quarter. While ICA has note released its sales data for these quarters, it said that its growth falls below these levels.
ICA had accumulated growth including VAT of 3.8% from January to October.
© 2015 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.
