SWEDEN: Axfood reports first half sales growth

By: just-food.com | 16 July 2008

Axfood has reported a healthy rise in sales in its first half of trading in 2008. The Swedish retailer also said, however, that operating profit for the period had fallen.

Consolidated sales at the company amounted to SEK15,585m (US$2.6bn) during the period, an increase of 8.7%.

Like-for-like sales rose 5.3% during the period. Retail sales for group-owned stores increased by 9.4%, a statement said.

Operating profit for the period was SEK516m, down from SEK537m last year. Profit after financial items for the period was SEK481m compared to SEK520m last year.

Profit after tax for the period was SEK346 m, and earnings per share were SEK6.60, down from SEK7.14.

The company said that it expects operating profit for 2008 to be level with 2007.

Axfood conducts retail trade through the wholly owned store chains Hemköp, Willys, Willys hemma and PrisXtra, comprising slightly more than 220 stores, and wholesale trade through Dagab and Axfood Närlivs.

Sectors: Retail

Companies: Axfood