Quarterly Report, Axfood AB (publ.) For the period January 1 – March 31, 2001

• Consolidated sales totaled SEK 7,595 m (7,081), an increase of 7 percent.
• Operating income amounted to SEK 145 m (11). Income adjusted for items affecting comparability totaled SEK 145 m (45).
• Income after financial items amounted to SEK 111 m (-14). Adjusted for items affecting comparability, income after financial items totaled SEK 111 m (20).
• The wholly owned store chains Hemköp and Axfood Lågpris showed a significant improvement during the first quarter compared with the fourth quarter. The Hemköp chain is showing a positive trend in volume and income. During the period Axfood Lågpris had good volume growth, leading to an improvement in operating income.
• The wholesale operations are showing stronger earnings, as Dagab's and Axfood Närlivs' efficiency improvement measures are now beginning to generate results.
• Spar Finland showed an earnings improvement during the first quarter. An ambitious cost-cutting program, the start of restructuring of the store structure and higher volumes are generating better earnings.
• An agreement was reached with some 170 private merchants concerning franchising contracts for the Spar brand. The agreement pertains to Vivo merchants outside Stockholm.