SWEDEN: Axfood reports fall in nine-month profits, outlook flat

By: just-food.com | 14 October 2008

Axfood AB has reported a fall in its nine-month profits, despite a rise in sales. The Swedish retailer added in a statement today that it expects full year operating profits to be flat against 2007.

Axfood's consolidated sales amounted to SEK 23,519m during the period, an increase of 9.2%. Like-for-like sales rose 5.6% during the period. Retail sales for wholly owned stores increased by 9.9%.

Operating profit for the period January to September was SEK800m. compared to SEK857 for the same period last year. Operating profit for the same period a year ago included a one-time positive effect of SEK19m.

Profit after financial items for the period amounted to SEK747m, down from the SEK831m reported last year.

Profit after tax for the period was SEK538m. also down from SEK598m, and earnings per share were SEK10.26, compared to SEK11.40.

In the statement the retailer, which owns store chains Hemköp, Willys, Willys hemma and PrisXtra, said it expects operating profit for 2008 to be level with 2007.

Sectors: Retail

Companies: Axfood