Swedish retailer Axfood saw its half-year profits climb by more than 6% on the back of higher revenues, although its like-for-like sales fell during the first six months of the year.
The company yesterday (18 July) booked a 6.7% increase in net profit to SEK399m (US$61.3m) for the six months to the end of June. Net sales were up 2.1% at SEK17.15bn.
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Axfood said its stores sales from both its wholly-owned outlets and its Hemköp franchises rose 0.5% to SEK13.94bn. Sales from its own stores were up 0.5%, although, on a like-for-like basis, sales fell 0.9%.
Nevertheless, during the second quarter, Axfood saw profit and sales growth accelerate and its like-for-like sales increase.
The retailer’s net income climbed 13.6% to SEK226m. Its net sales increased 3.6% to SEK8.89bn. Axfood’s total store sales were up 1.5% at SEK7.12bn, with sales from its own outlets increasing 1.3%. Like-for-likes inched up 0.5%.
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By GlobalData
