Swedish retailer Axfood has posted an increase in first-quarter profits on the back of higher sales.

The company today (27 April) reported a 2.9% rise in net profit to SEK177m (US$26.3m) for the three months to the end of March. Operating profit was also up 2.9%, reaching SEK248m.

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The increase in profits came as net sales climbed 5.6% to SEK8.72bn. Like-for-like sales were up 0.2%.

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