SWEDEN: Axfood upbeat 2014 outlook boosts shares
Willy's owner Axfood has posted positive increases for 2013
Share prices in Axfood shot up by 7% today (4 February) as the Swedish retailer posted a 12% rise in fourth-quarter profits - and said it expected its 2014 earnings to be higher than 2013.
Profit stood at SEK257m (US$39.4m) compared with SEK229m for the fourth quarter of 2012.
Net sales were also up 3.2% at SEK9.56bn. Like-for-like sales increased 1.5%.
CEO said Anders Stralman said the growth in sales and earnings once again confirmed Axfood had "chosen the right strategy with ever-more appealing customer offerings high efficiency and good cost control".
Net sales for 2013 as a whole totalled SEK37.56bn during the year, an increase of 3.3%.
Operating profit for the year was up 8.5% at 1.3m and profit after tax was up 10.2% at SEK993m on a year prior.
For 2014, Axfood said it it had a "goal" of seeing its annual earnings "exceed the level of profit in 2013."
Click here for the full results.
- Rise of prepared foods in US grocers - analysis
- How are brands organising for e-commerce?
- Hershey results, outlook, M&A - the top takeaways
- Free-from firm BFree Foods - bitesize interview
- More M&A likely at McCormick - editor's viewpoint
- Hain Celestial eyes disposals, forms venture unit
- Kellogg launches Special K breakfast quiches
- Dole faces DoJ probe over listeria outbreak
- Amplify Snack Brands acquires Boundless Nutrition
- Murray Goulburn accused of "misleading" the market