Swedish retail group Axfood posted a 4.9% increase in consolidated net sales to SEK 10,991 million in the second quarter of the year, the retailer announced in a statement.
Like-for-like sales at group-owned stores increased 0.9% in the period. Operating profit for the quarter was SEK 494 million, corresponding to an operating margin of 4.5%.
In the statement, Axfood cited ‘continued good growth with exceptional profitability’ in the quarter, adding that it expects operating profit for 2016 to exceed that of 2015.
“Growth was better than the market, whose growth was dampened during the quarter, which is also reflected in our rate of growth,” said Anders Strålman, president and CEO of Axfood AB.
© 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.
