ICA Gruppen’s report for the third quarter 2024

The third quarter was stable with good profitability for the Group as a whole. Rimi Baltic gave a particularly strong performance. In the ICA stores, customer footfall increased and all four of ICA’s store formats provided growth that outperformed the market.

• Consolidated net sales increased by 6.5% in the third quarter to SEK 39,362 million (36,943) and operating profit, excluding items affecting comparability, was slightly higher than last year, SEK 2,068 million (1,955).

• ICA Sweden’s performance during the quarter was stable with increased market shares as well as e-commerce that continues to grow. Price investments led to a weaker operating margin, a development that was only partly compensated by improved efficiency and lower costs.  ICA Sweden’s operating profit amounted to SEK 1,200 million (1,168).

• Rimi Baltic’s focus on efficiency enhancements as well as very active efforts with product range and campaigns, led to an earnings increase of 38.3% compared with 2023, to SEK 297 million (215).

• Apotek Hjärtat delivered another strong quarter with earnings of SEK 241 millin (186) and higher market shares. The proportion of e-commerce sales in relation to total sales for Apotek Hjärtat continues to rise and is now approaching 12%.  

• ICA Bank continued to grow with sales of SEK 738 million (709), even though the bank’s earnings were reduced compared with the previous year due to high claims costs for ICA Insurance. 

ICA Gruppen’s CEO Nina Jönsson comments:

“The third quarter provided volume growth, increased market shares in the quarter for all ICA’s store formats for a total of 12 consecutive months, as well as favourable profitability for the Group as a whole, where Rimi Baltic had a really good quarter. Food prices remained stable, but price continued to be of great importance. At the same time, we can see a degree of optimism among customers – who also consider values other than price. We continue to strengthen our joint offering at the same time as we are taking important steps in our sustainability work. I am very proud of the fact that ICA Gruppen has now had its science-based net zero climate targets approved by the Science Based Targets initiative (SBTi). As a major player in the food chain, ICA wants to show the way and contribute to the reduction of global warming in line with the Paris Agreement. The approved climate targets are therefore an important step forward where we involve both suppliers and customers in our journey.”

With effect from 1 January 2025, ICA Gruppen will change to four-monthly reporting.

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. For 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, 24 October 2024.

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