Axfood grows Q1 sales

Axfood grows Q1 sales

Swedish retailer Axfood booked an increase in sales and earnings during the first quarter of the year.

The company said consolidated sales to the end of March increased 2.7% to SEK8.95bn (US41.38bn). Like-for-like sales were up 2.3% during the period.

Operating profit totalled SEK254m, up from SEK250m in the comparable period of last year. Profit after tax increased to SEK194m, up from SEK179m.

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Interim Report Axfood AB 1 Jan.-31 March 2013

First quarter summary
- Axfood's consolidated sales for the period January-March totalled SEK 8,950 m (8,718), an increase of 2.7%.
- Retail sales for Group-owned stores increased by 4.2% during the period.
- Like-for-like sales increased by 2.3% during the period.
- Operating profit for the period was SEK 254 m (250).
- Profit after financial items was SEK 247 m (241) for the period.
- Profit after tax totalled SEK 194 m (179) for the period, and earnings per share were SEK 3.69 (3.40).
- Axfood and Statoil Fuel & Retail Sverige AB signed an agreement on extended and expanded cooperation.
- Willys launched a customer programme.
- Axfood's goal for 2013 is to achieve an operating profit 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 246 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