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ICA AB interim report January - June 2011

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Higher net sales and improved operating income during the second quarter

 Second quarter

  • Net sales for the second quarter amounted to SEK 24,365 million (23,143), up 5.3 percent. At constant exchange rates net sales increased by 7.3 percent.
  • Operating income amounted to SEK 738 million (646), up 14.2 percent. Operating income excluding capital gains and impairments amounted to SEK 723 million (688), up 5.1 percent.
  • Income after net financial items amounted to SEK 646 million (550).
  • Net income for the second quarter amounted to SEK 432 million (-340). The second quarter of 2010 was charged with a tax expense of SEK 747 million for a tax dispute for the years 2001–2003.

First half-year

  • Net sales for the first half-year amounted to SEK 46,250 million (45,862), up 0.8 percent. At constant exchange rates net sales increased by 3.4 percent.
  • Operating income amounted to SEK 1,228 million (1,266), down 3.0 percent. Operating income excluding capital gains and impairments amounted to SEK 1,213 million (1,304), down 7.0 percent.
  • Income after net financial items amounted to SEK 1,068 million (1,087).
  • Net income for the first half-year amounted to SEK 686 million (55). The first half of 2010 was charged with a tax expense of SEK 747 million for a tax dispute for the years 2001–2003.

Extract from CEO comment – Kenneth Bengtsson, CEO and President ICA AB:

“During the second quarter, our markets were still characterized by stiff competition and a lower growth rate. In spite of this, the ICA Group’s sales continued to rise during the quarter, climbing 7.3 percent at constant exchange rates. The increase was mainly due to higher sales at ICA Sweden and Rimi Baltic as well as a positive calendar effect related to the Easter holiday. The Group’s operating income improved during the second quarter due to strong operating income in Rimi Baltic, ICA Bank and ICA Real Estate partially offset by a decrease in operating income at ICA Sweden and ICA Norway.”

For the entire report, with a complete comment by the CEO and description of the financial results, please see the attached pdf-file.

For more information:

Kenneth Bengtsson, President and CEO, ICA AB, phone: +46 8 561 502 58

ICA’s press office, phone +46 70 253 66 60

 

About ICA
The ICA Group (ICA AB) is one of the Nordic region’s leading retail companies, with around 2,150 of its own and retailer-owned stores in Sweden, Norway and in the three Baltic states. The Group includes ICA Sweden, ICA Norway, Rimi Baltic and ICA Real estate. ICA also offers financial services to Swedish customers through ICA Banken. ICA AB is a joint venture 40% owned by Hakon Invest AB and 60% by Royal Ahold N.V. of the Netherlands. According to a shareholder agreement, Royal Ahold and Hakon Invest jointly share controlling influence over ICA AB. Through Royal Ahold, ICA AB is part of an international retail network. For more information, please visit http://www.ica.se

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