Swedish retailer ICA Gruppen has booked a jump in sales and profits, boosted by the contribution of its acquisition of Ahold’s stake in ICA AB.
ICA Gruppen was formed after Hakon Invest bought out its co-shareholder in ICA, Dutch retailer Ahold, last year year. Once Hakon Invest had 100% of ICA, a new entity, ICA Gruppen, was formed comprising ICA’s retail stores in Sweden, Norway and the Baltic states, as well as assets in areas like real estate and banking.
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The company said net sales rose to SEK77.7bn (US$12bn), up from SEK2.7bn last year. Excluding the impact of M&A, sales were up 2.2% the company revealed.
Operating profit jumped to SEK10.2bn, up from SEK212m in 2012. The acquisition of ICA AB contributed SEK8.05bn to the result. Net profit rose to SEK9.43bn, from SEK280m.
Commenting on the result, CEO Per Strömberg said the group was able to improve its operating performance thanks to growing sales and higher margins. “The strategic priorities we set for the year have had an effect. The last outstanding bridge loans will be refinanced in the next few days, well ahead of our plan”
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