Sweden’s leading food retailer ICA said profits after net financial items rose by 32% to SKr1.8bn last year on sales increasing just 1.7% to SKr59bn.
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ICA did not elaborate on the sharp increase in earnings, but better purchasing power through its parent group, Dutch Royal Ahold, was expected to be one source of the improvement. Ahold owns 50% of ICA.
Roland Fahlin, chairman and managing director of ICA Ahold, said he will step down in May. He is expected to be replaced as chairman by the Norwegian, Stein Erik Hagen, a major shareholder in ICA Ahold following the previous merger of ICA and Hagen’ Hakon group.
