ICA AB interim report January - September 2010
ICA AB interim report January - September 2010
Solna 10 November, 2010
Operating income remains strong in third quarter
Third quarter ? Net sales for the third quarter amounted to SEK 23,505 million (23,458), up 0.2 percent. At constant exchange rates net sales rose by 1.6 percent.
? Operating income amounted to SEK 940 million (936), up 0.4 percent. Operating income, excluding capital gains of SEK 12 million (41) and impairments of SEK 6 million (5), amounted to SEK 934 million (900), up 3.8 percent. ? Income after net financial items amounted to SEK 859 million (798), up 7.6 percent. ? Net income for the third quarter amounted to SEK 644 million (591), up 9.0 percent.
Nine-month period ? Net sales for the nine-month period amounted to SEK 69,367 million (70,054), down 1.0 percent. At constant exchange rates net sales rose by 0.3 percent.
? Operating income amounted to SEK 2,206 million (1,784), up 23.7 percent. Operating income, excluding capital gains of SEK 11 million (112) and impairments of SEK 43 million (63), amounted to SEK 2,238 million (1,735), up 29.0 percent. ? Income after net financial items amounted to SEK 1,946 million (1,459), up 33.4 percent. ? Net income for the nine-month period amounted to SEK 699 million (1,060), down 34.1 percent. The nine-month period includes a tax charge of SEK 747 million for a tax dispute from the years 2001–2003.
Extract from CEO comment – Kenneth Bengtsson, CEO and President ICA AB: "The ICA Group delivered a very strong operating result in the third quarter, even surpassing the record result from the third quarter of 2009. Operating income excluding capital gains rose by about four percent. Net sales in constant exchange rates increased by 1.6 percent compared to the previous year despite a generally weak development in the food retail market and an increasingly promotional competitive environment. The income improvement is the result of higher operating income from ICA Sweden and Rimi Baltic. At the same time operating income was weighed down by a higher loss in ICA Norway partly due to strong price competition in the Norwegian market and due to increased costs for converting another 31 Rimi stores. ICA Bank and ICA Real Estate continued their stable development in level with last year."
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 ICAs press office, phone +46 70 253 66 60 ------------------------------------------------------------------------------ ------------- About ICA The ICA Group (ICA AB) is one of the Nordic regions leading retail companies, with around 2,200 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