Share prices in Axfood shot up by 7% today (4 February) as the Swedish retailer posted a 12% rise in fourth-quarter profits – and said it expected its 2014 earnings to be higher than 2013.
Profit stood at SEK257m (US$39.4m) compared with SEK229m for the fourth quarter of 2012.
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Net sales were also up 3.2% at SEK9.56bn. Like-for-like sales increased 1.5%.
CEO said Anders Stralman said the growth in sales and earnings once again confirmed Axfood had “chosen the right strategy with ever-more appealing customer offerings high efficiency and good cost control”.
Net sales for 2013 as a whole totalled SEK37.56bn during the year, an increase of 3.3%.
Operating profit for the year was up 8.5% at 1.3m and profit after tax was up 10.2% at SEK993m on a year prior.
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By GlobalDataFor 2014, Axfood said it it had a “goal” of seeing its annual earnings “exceed the level of profit in 2013.”
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