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.
- On the money: Hormel still looking for M&A
- Consuming issues: The hunger-obesity paradox
- BRICs and beyond: Fonterra, Beingmate partnership
- On the money: Hain expects continued organic gains
- Analysis: Market bets on higher Chiquita offer
- Fonterra, Beingmate launch infant formula JV
- Parmalat nears Lacteos Brasil acquisition
- Mondelez eyes snacks categories in India
- Switz rejects EU plea to bypass Russia export ban
- Italy yoghurt woes lead to Emmi profit warning