Swedish retailer ICA Gruppen reported better-than-expected Q1 2016 results, accruing an operating profit excluding non-recurring items of SEK 959 million.
Consolidated net sales amounted to SEK 24,761 million (€23,673), an increase of 4.6 per cent. Profits for the first quarter beat analysts' estimates, according to Reuters.
Profit from continuing operations (ICA Gruppen excl. ICA Norway) was SEK 735 million, while earning per share increased from SEK 2.51 to SEK 3.65.
“The first quarter of the year showed favourable sales and earnings development. ICA Sweden is showing good profit growth, and Rimi Baltic had a very good start to the year, with strong earnings and continued rising market shares," said Per Strömberg, chief executive of ICA Gruppen.
"While we continue to see a market with toughening competition, we are focusing on the right things and are maintaining a high pace in our change work.”
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by John Golden. To subscribe to ESM: The European Supermarket Magazine, click here.
