ICA Gruppen’s report for the fourth quarter 2023

Increased market shares and strong cash flow

• Consolidated net sales increased by 7.6% to SEK 38,273 million compared with 2022 (SEK 35,558 million) for the fourth quarter. A continued comparatively high inflation rate contributed to the sales increase
• Operating profit excluding items affecting comparability was SEK 1,487 million (SEK 1,389 million). The operating margin excluding items affecting comparability was 3.9% (3.9)
• Volume effects in sales were positive during the quarter
• ICA took market shares in the fourth quarter. Net sales in the ICA stores increased by 7% compared with the same quarter in 2022, while market development according to the Food Retail Index (DVI) increased by 6%
• For the full-year 2023, Apotek Hjärtat had its best-ever year in terms of earnings and achieved a market share of over 32%
• Rimi Baltic had its second-best year ever, although a weaker end to the year due to the very strong fourth quarter in the previous year. Rimi Baltic also took market shares in the fourth quarter
• Strong cash flow and reduced debt
• After the end of the quarter, ICA Sweden announced a SEK 1 billion investment in price reductions during 2024

ICA Gruppen’s CEO Nina Jönsson comments:

“It is clear that 2023 was a challenging year in many ways, but also a year when we were successful in a number of key areas. We achieved strong earnings for the full year in Apotek Hjärtat and ICA Bank while Rimi Baltic had its second-best year ever. During the year in a difficult market we completed a number of major real estate transactions and bond issues which, combined with a really strong cash flow, significantly improved our financial position. We are also pleased to note that at the end of the year for the first time in a long while we achieved positive volume growth in our grocery retail operations and took market shares in both Sweden and the Baltic countries. We now move forward and, as recently announced, are making additional investments totalling SEK 1 billion in regular prices during 2024. This is a major initiative which we are carrying out together with the ICA retailers to ensure continued good growth and to meet customers’ price expectations.”  

For more information
ICA Gruppen’s press service, telephone number: +46 (0)10 422 52 52, e-mail: press@ica.se

Frans Benson, Head of Investor Relations, telephone number: +46 (0)8 561 500 57

icagruppen.se

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. For more information see 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, 7 February 2024.

Tags: