- Sales in ICA Sweden’s grocery retail business increased by 4.1% compared with the same quarter in 2022 at the same time as earnings development was stagnant and the margin fell from 4.7% to 4.5%.
- Sales for ICA Gruppen as a whole rose in Q3, mainly driven by high inflation, to SEK 36,943 million (SEK 34,544 million in 2022). The operating margin landed at 5.3% (4.9%) and operating profit at SEK 1,815 million (1,629).
- Rimi Baltic delivered stable earnings but competition is razor-sharp with a major focus on price in the market.
- Apotek Hjärtat could note 24 consecutive months with increased market shares. Above all, physical pharmacies showed very strong development.
- ICA Bank had its strongest-ever quarter in terms of profitability, driven to a great extent by improved net interest but also by a comparatively stable development for credit losses.
- In mid-October, ICA Real Estate completed another major transaction when the warehouse in Hacksta was sold. SEK 1.2 billion was released which will reduce our net debt.
- After the end of the quarter, we announced that we are changing the e-commerce model in Gothenburg and therefore closing our e-commerce warehouse in Arendal.
ICA Gruppen’s CEO Nina Jönsson comments
“During the year we have carried out a number of measures to offset cost inflation and offer our customers even better value for money. We are now seeing the effects of this. The volume trend continued to improve during the quarter and taken overall we have a good result for the entire Group with continued positive development in our businesses. The earnings level in ICA Sweden was stable although margins were slightly lower than last year. We have gradually launched our strategic framework that we call Ambition 2030. There we have identified four customer-centred areas linked to our overall vision “We make every day a little easier”. The four areas are “Find personal solutions", “Save time & energy”, “Make sustainable choices” and “Get value for money” and to these we have linked what we see as key enablers: “Cost efficiency”, “New technology” and “Attract talents”. The four areas cover many of the issues that are important to today’s customers and where we can make a significant difference to everyday lives by strengthening our common offering across our businesses within food, health, banking and insurance. We have exciting years ahead of us.”
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 57
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 Thursday, 26 October 2023.