EUROPE: Select Retailer Results (ICA, Migros Turk, BIM)

ICA reported better-than-expected growth for its fiscal first quarter, with sales up 4.6% to SEK24.8bn, and underlying operating profit of SEK959m.

Sales at ICA Sweden were up 3.2% to SEK17.6bn, Rimi Baltic recorded an 8.9% increase to SEK3.2bn, while Apotek Hjartat saw sales jump up 11% to SEK3.1bn.

CEO Per Strömberg said the results were “favourable”, adding: “While we continue to see a market with toughening competition, we are focusing on the right things and are maintaining a high pace in our change work.”

Meanwhile, the Migros Ticaret chain saw its first-quarter sales jump up 16.3% to 2.4bn lira, although operating was down 21.3% to 42.6m, and it swung to a net loss of 28m, hurt by financing expenses.

The company opened 52 new stores in the first quarter, ending the quarter with 1,447 outlets.

Also in Turkey, the BIM discount banner saw its first-quarter sales grow by 18% to 4.8bn lira, with operating profit surging up 28.4% to 194.6m lira, while net profit surged up 31.2% to 162m lira.