Sweden-based retailer ICA Gruppen has booked an increase in third-quarter profits boosted by “strategic initiatives”, including an increased focus on private label.
The company said operating profit rose 10% to SEK1.02bn (US$152.7m) in period to the end of September. Net profit totalled SEK585m, up from a loss of SEK766m in the comparable period of last year. Net sales, excluding currency exchange, rose 2.3% to SEK24.8bn.
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Commenting on the result, CEO Per Strömberg said the bottom line benefited from the positive impact of ICA’s strategic initiatives, including moves to restructure logistics and drive higher private label sales.
