ICA Gruppen’s report for the second quarter 2024

The trend continues – more customers are choosing ICA at the same time as food prices have stabilised. Customers also continue to flock to Apotek Hjärtat which strengthens its position as Sweden’s largest pharmacy.

• Consolidated net sales increased by 5.3% to SEK 39,826 million compared with 2023 (SEK 37,823 million) for the second quarter and operating profit rose to SEK  2,262 million (SEK 2,008 million).

• The Group’s improved earnings were affected by a land exchange transaction in Årsta which provided a capital gain of approximately SEK 500 million. This reduced the Group’s loan debt by approximately the same amount.

• Apotek Hjärtat achieved a very good result and strengthens its position as Sweden’s largest pharmacy. Apotek Hjärtat’s sales increased to SEK 5,359 million (SEK 4,832 million).

• The trend of more customers choosing to shop at ICA continues but despite higher sales and the company’s major efficiency improvements, ICA Sweden’s earnings reached SEK 925 million (SEK 927 million) which is slightly lower than in the corresponding quarter last year. Operating profit for ICA Sweden, which sells goods to the ICA retailers, was affected among other things by the investments in price carried out by ICA Sweden during the year.

•  Rimi Baltic also saw continued increased customer footfall during the quarter which led to increased market shares. Net sales for the second quarter amounted to SEK 5,462 million (SEK 5,307 million).  

• ICA Gruppen also made a successful green bond issue totalling SEK 2 billion, the second such issue. 
   

ICA Gruppen’s CEO Nina Jönsson comments:

“I am pleased to report that the positive start to the year has been maintained with a continued increase in the flow of customers to our grocery stores in both Sweden and the Baltic countries. Continued falling food price inflation means that growth is now entirely driven by higher volumes. Apotek Hjärtat also continues to take market shares and maintains its fine earnings development. For almost a year now, ICA’s growth has outpaced the market. Month by month we can see clear results from the long-term price investments carried out by ICA Sweden and the ICA retailers. Despite a troubled global situation, we have seen stable price development during the quarter.  Price will remain a very important factor for our customers and competition in the market is intense. Getting the price right but also making use of our combined ability to create attractive and relevant offerings across our various operations, we believe is the right way to maintain our favourable development.”  

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 148 billion in 2023. För more information visit 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 Thursday, 15 August 2024.