ICA AB Interim Report 2009: Net Income up 7.5 Percent

Third quarter

• Net sales for the third quarter amounted to SEK 23,458 million (22,768), an increase of 3.0 percent. At constant exchange rates, net sales were up 1.3 percent.
• Operating income amounted to SEK 936 million (683), an increase of 37.0 percent. Operating income excluding capital gains on property sales of SEK 41 million (50) and impairment losses on fixed assets of SEK 5 million (0) amounted to SEK 900 million (633), an increase of 42.2 percent.
• Income after net financial items amounted to SEK 798 million (626), an increase of 27.5 percent.
• Net income for the third quarter amounted to SEK 591 million (550), an increase of 7.5 percent.

January - September

• Net sales for the nine-month period amounted to SEK 70,054 million (66,832), an increase of 4.8 percent. At constant exchange rates, net sales were up 2.3 percent.
• Operating income amounted to SEK 1,784 million (1,602), an increase of 11.4 percent. Operating income excluding capital gains on property sales of SEK 112 million (221) and impairment losses on fixed assets of SEK 63 million (0) amounted to SEK 1,735 million (1,381), an increase of 25.6 percent.
• Income after net financial items amounted to SEK 1,459 million (1,379), an increase of 5.8 percent.
• Net income for the nine-month period amounted to SEK 1,060 million (1,298), a decrease of 18.3 percent. The decrease is the result of higher tax expenses.

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

“The ICA Group’s net sales continued to increase, and operating income improved significantly during the third quarter. ICA Sweden made further progress with a strong result, at the same time that Rimi Baltic’s operating income declined. ICA Norway’s loss was reduced compared to the third quarter last year thanks to the important measures taken in our turnaround process. “

About ICA

The ICA Group (ICA AB) is one of the Nordic region’s leading retail companies, with around 2,230 of its own and retailer-owned stores in Sweden, Norway and in the Baltic States. The Group includes the retail companies ICA Sverige, ICA Norge and Rimi Baltic. 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.