ICA Gruppen reports Q2 FY20 sales up 4.6% to SEK 31,924 mn

19 Aug '20

2 min read

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ICA Gruppen, a Sweden-based leading retailer, has reported 4.6 per cent sales growth to SEK 31,924 million in its second quarter (Q2) for fiscal year 2020 that ended on June 30, 2020 compared to the sales of SEK 30,529 million in same period previous year. Company’s profit for the period rose to SEK 1,338 million (Q2 FY19: SEK 837 million).

“Our e-commerce growth increased month-for-month during the quarter and was a full 165 per cent in June. Online sales as a share of total store sales more than doubled during the quarter. Above all we achieved very high growth for e-commerce via stores (click & collect), where ICA stores have succeeded at meeting the higher demand,” Per Stromberg, CEO at ICA Gruppen, said in a press release.

Operating profit for the quarter were SEK 1,454 million (SEK 975 million). Gross profit was SEK 5,337 million (SEK 5,332 million). Company’s online sales grew for the six-months period of fiscal 2020 grew 148 per cent to SEK 1,420 million (SEK 572 million).

Sales for ICA Sweden segment was up to SEK 23,496 million (SEK 21,880 million). While Rimi Baltic sales remained stagnant at SEK 4,051 million (SEK 4,071 million). Apotek Hjärtat sales were slightly down to SEK 3,638 million (SEK 3,778 million).

“Rimi Baltic has been negatively impacted by the strict shutdown that took place in the three Baltic countries. This resulted in weak sales during the quarter with the exception of Lithuania, where our stores owing to their locations were not as exposed to reduced customer traffic,” Stromberg said.

Fibre2Fashion News Desk (JL)

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