Swedish retailer Axfood has recorded an increase in second-quarter earnings but said it expects operating profit to be flat for the full-year.

In the three months to the end of June, earnings totalled SEK248m (US$37.1m). This compared to a net profit of SEK228m last year. Operating profit a was up 1.2% to SEK326m.

Axfood’s consolidated sales for the period climbed 2.9% to reach SEK9.56bn, while retail sales for group-owned stores were up 3.2% in the period. Like-for-like sales increased 1.3%.

The retailer said it expects to achieve an operating profit at the same level as in 2012 of SEK1.19bn.

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By GlobalData