Scandinavian retailer ICA has booked mixed third-quarter numbers, with a surge in operating income offset by a tax settlement that resulted in a net loss for the period.
The company said third-quarter operating income increased 13.1% to SEK1.04bn. (US$153.5m). Net sales were down 0.8%, but when adjusted for the closure of Maxi stores in Norwary and currency exchange sales would have grown 4%.
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However, net income for the quarter fell to a loss of SEK590m, down from a loss of SEK2m in the comparable period of last year. ICA said that the bottom line was hit by a tax expense of SEK1.28bn related to a dispute for the years 2004-8.
In September, the ICA board approved a new strategic direction for the group. CEO Per Strömberg emphasised the retailer’s commitment to the strategy. “The group strategy is based on six strategic themes that will set the direction for everything we do: Strengthen customer loyalty and brand position, strengthen and expand our customer offering, optimize and broaden our sales channels, simplify our business, engage and develop our people, excel in corporate responsibility.”
