Swedish supermarket chain ICA has booked a 37% jump in operating profit as the group saw losses narrow at its Norwegian unit.
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ICA, which is part owned by Ahold, said operating profit in the three months to end September totalled SEK936m (US$133.6m).
Sales edged up 3%, or 1.3% on a constant currency basis, climbing to SEK23.5bn.
The company said the results were impacted by a SEK41m loss at its Norwegian business, down from a loss of SEK147m last year.
“The ICA group’s net sales continued to increase, and operating income improved significantly during the third quarter,” Kenneth Bengtsson, president and CEO, said.
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By GlobalData“ICA Norway’s loss was reduced compared to the third quarter last year thanks to the important measures taken in our turnaround process.,” he added.
