Sweden-based retailer ICA, in which Dutch retail giant Ahold owns a majority stake, has reported higher half-year profits.

ICA, which has stores in Sweden, Norway and in the Baltic, booked net income of SEK776m (US$117.2m), up from SEK686m a year earlier.

Operating income, excluding costs linked to the restructuring of ICA’s business in Norway, increased 21.9% to SEK1.5bn.

Net sales rose 3.9% to SEK48.07bn, with ICA seeing sales increase in Sweden and from its Rimi Baltic arm.

However, sales in Norway fell. ICA is now focusing on its Rimi and ICA Supermarked stores in the country.

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By GlobalData