ICA Gruppen’s interim report for the second quarter 2022

Stable performance – challenging world

• ICA Gruppen’s Q2 sales increased by 6.7% to SEK 34,578 million (32,401).
• Operating profit for the second quarter of 2022 (SEK 1,531 million) rose 5.9% compared with the second quarter of 2021 (SEK 1,446 million).
• Very high inflationary pressure and continued macroeconomic uncertainty affected the quarter as a whole.
• Strong operating profit driven mainly by continued improvement for Apotek Hjärtat as well as for ICA Bank.
• ICA Sweden showed stable performance, even though ICA’s store sales were weaker than market growth and the margin narrowed compared with the same quarter a year ago.  
• Sales of groceries online continued to decrease, but are still double the level before the pandemic.
• High cost inflation and mounting competition affected earnings for Rimi Baltic.
• Stable quarter for the real estate business. New, jointly owned property company formed together with Bonnier Fastigheter – Trecore AB.
• ICA Gruppen and Murgröna signed new credit facility worth a combined total of SEK 22.5 billion.

Comments by ICA Gruppen’s CEO, Per Strömberg:

“We find ourselves in a challenging environment that is not showing signs of easing in the immediate future. On the contrary, we have not yet seen the full effects of continued strained value chains, interest rate hikes and rising inflation. Many are already feeling the effects of a tougher everyday life, and no one will remain unaffected going forward. For ICA Gruppen’s part, we were challenged during the quarter by rising costs and smaller volumes in our grocery retail business. Despite this, as a company group we have managed to grow both our sales and earnings, which shows the strength of being a cohesive company group.

“The cost trend is affecting all of our operations, our suppliers and our customers. In this challenging environment we are embracing our double societal responsibility: We are rallying for Swedish food production at the same time that we are working hard to give customers the best price value despite growing inflation.”

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

icagruppen.se

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, 17 August 2022.

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