Axfoods like-for-like sales were up 2.3%

Axfood's like-for-like sales were up 2.3%

Swedish retailer Axfood has booked an increase in third-quarter earnings and reiterated its full-year profit guidance.

In the three months to the end of September, net profit totalled SEK294m (US45.9m), a 10.5% increase on the prior year period. Operating profit was up 3.2% to SEK382m.

Consolidated sales totalled SEK9.46bn an increase of 4.7% on last year, while like-for-like sales were up 2.3%.

Axfood said it expects full-year operating profit to be "at least at the same level as in 2012".

Show the press release

Interim Report Axfood AB 1 Jan.-30 Sept. 2013 October 18, 2013 01:45 AM Eastern Daylight Time STOCKHOLM, Sweden--(BUSINESS WIRE)--Regulatory News:

Third quarter summary

Axfood’s consolidated sales for the period July–September totalled SEK 9,465 m (9,044), an increase of 4.7%. Retails sales for Group-owned stores increased by 4.5% during the period. Like-for-like sales increased by 2.3% during the period. Operating profit for the period was SEK 382 m (370). Profit after financial items was SEK 376 m for the period (361). Profit after tax totalled SEK 294 m (266) for the period, and earnings per share were SEK 5.58 (5.08). Axfood Närlivs planning for the relocation of its operations from Tyringe. Axfood’s estimation is that operating profit for 2013 will be at least at the same level as in 2012. Axfood AB conducts food retail and wholesale business in Sweden. Retail business is conducted through the wholly owned store chains Willys, Hemköp and PrisXtra, comprising 254 stores in all. In addition, Axfood collaborates with a number of proprietor-run stores that are tied to Axfood through agreements. These include stores within the Hemköp and Willys chains as well as stores run under the Handlar’n and Tempo profiles. In all, Axfood collaborates with approximately 820 proprietor-run stores. Wholesaling is conducted through Dagab and Axfood Närlivs. Axfood is listed on Nasdaq OMX Stockholm AB's Large Cap list. Axel Johnson AB is the principal owner, with 50,1% of the shares.

Original source: Axfood