SWEDEN: Axfood "steady" following Q3
Axfood had a steady rise in sales and operating profit in its Q3
Swedish retailer Axfood has posted a slight rise in operating profit and sales in its third quarter results
The company's consolidated sales for the three month period until the end of September totalled SEK8.7bn (US$1.3bn), compared to SEK8.5bn in the same period in 2010.
Operating profit for the period was SEK370m, up from 364m last year.
Anders Strålma, president and CEO, said: "For the third quarter of 2011, Axfood presented yet another favourable result in a business environment characterised by uncertainty.
"Again, our stable profitability development testifies to Axfood's efficiency and good cost control."
Consolidated wholesale and retail sales for the nine months of the fiscal year so far totalled SEK 25.8bn, an increase of 2% year-on-year.
Axfood is engaged in the food retail and wholesale trade in Sweden. The company's retail business is conducted through three chains: discounter Willys, higher-end grocer Hemkop, and PrisXtra low-price stores.
Economic uncertainty and the prospect of lower food inflation has led Swedish retailer Axfood to only target flat operating profit in 2012....
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