- The operating margin for ICA Gruppen fell in Q4 2022 to 3.9% (4.0%).
- Operating profit for the fourth quarter of 2022 increased by 6.4%, driven by high inflation, to SEK 1,382 million compared with the fourth quarter of 2021 (1,298).
- Q4 sales increased by 8.2% to SEK 35,547 million (32,860), also driven by inflation.
- Drop in volume put pressure on earnings for ICA Gruppen’s grocery retail business and ICA Sweden’s margin. Operating profit decreased by 12.0% to SEK 767 million during the fourth quarter compared with the same quarter in 2021. The margin for Q4 decreased to 3.1% (3.7%).
- On 9 December ICA Sweden announced an efficiency improvement programme, which will initially entail the elimination of approximately 200 positions.
- Rimi Baltic showed very strong performance during the fourth quarter.
- Apotek Hjärtat continued to take market shares. Higher costs led to a decrease in earnings, however.
- ICA Bank’s business volume (including ICA Insurance) continued to grow, but fourth quarter earnings were affected by higher loan losses.
- Just before Christmas ICA Real Estate announced two real estate transactions. A new, jointly owned company is being formed with Alecta, and two logistics properties are being sold to Catena.
Comments by ICA Gruppen’s CEO, Nina Jönsson
“We leave behind a year that has been exceptionally turbulent. From having high hopes as the pandemic receded to a devastating war in our neighbourhood, which has had dramatic consequences on the entire economy, on ICA Gruppen and on our customers. ICA Sweden had lower earnings and margins than a year ago, and added to this, profit distribution from ICA stores was lower, given that store earnings were down compared with 2021. Of course it is of major importance that we are able to meet customers’ demands for good and affordable products, and in this regard we are working closely with the ICA retailers to accurately calibrate our efforts together. Creating a winning offering for food, pharmacy products, home mortgages, banking and insurance will give us power to grow while enabling us to make a difference in our customers’ daily lives.”
For more information
ICA Gruppen press service
Telephone number: +46 (0)10 422 52 52
Frans Benson, Head of Investor Relations
Telephone number: +46 (0)8 561 500 20
ICA Gruppen AB (publ) is one of the leading retail companies in the Nordic countries with a focus on food and health. The Group includes ICA Sweden and Rimi Baltic, which mainly conduct grocery retail, ICA Real Estate, which owns and manages properties, ICA Bank, which offers financial services, ICA Insurance, and Apotek Hjärtat, which conducts pharmacy business. ICA Gruppen had sales of approximately SEK 136 billion in 2022.
This information is such that ICA Gruppen AB is obligated to make public in accordance with the Swedish Securities Market Act. The information was submitted for publication by the contact person above at 07.00 CET on Wednesday, 8 February 2023.