SWEDEN: Axfood Continues Growth With Solid Q2

Axfood has reported a solid set of results for its fiscal second quarter, with both profits and sales up in the period.

For the three months to end-June, sales were up 4.9% to SEK10.99bn, with operating profit up 14.6% to SEK494m.  Sales at the company-owned stores were up 3.1%, with like-for-like sales up 0.9%.

Sales at the Hemköp supermarkets grew by 8.3% to SEK3.1bn, while Willys reported a 4.7% increase to SEK11.5bn, and the Närlivs wholesale unit saw growth of 6.3% to SEK1.4bn.  Axfood said the results were driven by increased customer traffic and higher average ticket spend.

The results meant sales for the first half were up 6.7% to SEK21.4bn, with operating profit up 18.7% to SEK902m.  Sales at company-owned stores grew by 5.4%, on LFL growth of 3%.