Swedish retailer Axfood has seen a modest increase in sales and earnings during 2009, despite the negative impact that the downturn has had on consumer sentiment.
The company, which operates chains including Willya and Hemköp, said that consolidated sales increased 2.3% to SEK32.37bn.
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Sales at group owned stores increased 2.5% and like-for-like sales rose 0.9% during the 12-month period.
Operating profit rose to SEK1.12bn, up from SEK1.07bn and profit after tax rose to SEK793m, up from SEK737m.
In its year end report, Axfood said that it had focused on implementing stringent cost controls during the period.
“Axfood’s goal for 2010 is to achieve an operating profit in level with 2009,” the company said.
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By GlobalData
