ICA Gruppen’s report for first quarter 2023
Lower margins for both ICA Gruppen and ICA Sweden – important price initiatives launched· ICA Gruppen’s operating margin and earnings decreased in Q1 2023. The margin dropped to 3.7% (Q1 2022: 4.1%), and operating profit was SEK 1,293 million (Q1 2022: 1,298). · Q1 sales increased to SEK 34,605 million (Q1 2022: 31,600), driven by high inflation. · The grocery retail business in ICA Sweden reported a sharp decline in earnings and the margin for the quarter owing to lower volumes and inflation-driven price increases. · ICA Sweden’s operating profit decreased by 19.7% to SEK 665