NORWAY: "Sluggish" grocery sector stifles Orkla sales
- Q2 sales inch up
- Volume growth improves
- EBITA up 8%
A "sluggish" Nordic grocery market has weighed on sales at Orkla Brands, the FMCG arm of Norwegian conglomerate Orkla.
Orkla Brands, which was formed last year through the combination of Orkla Foods with non-food, consumer goods unit Orkla Brands, booked second-quarter revenues of NOK5.66bn (US$909.4bn) for the three months to June, up slightly from NOK5.65 a year ago.
The business, which has operations in Scandinavia and the Baltic States, said volume growth was "weak" in the first half but "slightly better" during the second quarter. First-half revenues reached NOK11.06bn, up from NOK11.01bn a year ago.
However, second-quarter EBITA stood at NOK638m, compared to NOK586m a year earlier.
First-half EBITA rose from NOK1.08bn to NOK1.16bn with underlying profit - earnings excluding M&A and foreign exchange - rising 4%.
Click here for the full half-year results from Orkla Brands and check back later for more detailed comment from the management of the company's parent, Orkla.
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