ICA Gruppen's Q4 FY20 sales rise 5.6% to SEK 32,593 mn

ICA Gruppen, a Sweden-based leading retailer, has reported 5.6 per cent sales growth to SEK 32,593 million (Swedish krona) in its fourth quarter (Q4) FY20 that ended on December 31, 2020, compared to the sales of SEK 30,850 million in same period prior year. Company’s profit for the period was SEK 919 million (Q4 FY19: SEK 915 million).

 

ICA Gruppen, a Sweden-based leading retailer, has reported 5.6 per cent sales growth to SEK 32,593 million (Swedish krona) in its fourth quarter (Q4) FY20 that ended on December 31, 2020, compared to the sales of SEK 30,850 million in same period prior year. Company's profit for the period was SEK 919 million (Q4 FY19: SEK 915 million). #

“The year's final quarter followed a familiar pattern for the year with continued impacts from the Covid-19 pandemic – volume growth for ICA Sweden, while Rimi Baltic and especially Apotek Hjärtat had weaker performance. At the same time, e-commerce continues to show very strong growth,” Per Stromberg, CEO at ICA Gruppen, said in a press release.

 

ICA Gruppen, a Sweden-based leading retailer, has reported 5.6 per cent sales growth to SEK 32,593 million (Swedish krona) in its fourth quarter (Q4) FY20 that ended on December 31, 2020, compared to the sales of SEK 30,850 million in same period prior year. Company's profit for the period was SEK 919 million (Q4 FY19: SEK 915 million). #

Operating profit for the quarter grew to SEK 1,325 million (SEK 1,249 million).

 

ICA Gruppen, a Sweden-based leading retailer, has reported 5.6 per cent sales growth to SEK 32,593 million (Swedish krona) in its fourth quarter (Q4) FY20 that ended on December 31, 2020, compared to the sales of SEK 30,850 million in same period prior year. Company's profit for the period was SEK 919 million (Q4 FY19: SEK 915 million). #

Sales of ICA Sweden segment for Q4 FY20 increased to SEK 23,723 million (SEK 22,020 million). Whereas, Rimi Baltic segment sales remained stagnant at SEK 4,278 million (SEK 4,279 million). Rimi Baltic launched e-commerce in Latvia during Q4 FY19 and due to the Covid-19 pandemic, demand online grew dramatically, and therefore it was further launched in Lithuania and Estonia, as company stated in the release. Rimi Baltic has been offering online shopping in all three countries since April 2020 and currently has 21 pick-up locations.

 

ICA Gruppen, a Sweden-based leading retailer, has reported 5.6 per cent sales growth to SEK 32,593 million (Swedish krona) in its fourth quarter (Q4) FY20 that ended on December 31, 2020, compared to the sales of SEK 30,850 million in same period prior year. Company's profit for the period was SEK 919 million (Q4 FY19: SEK 915 million). #

“In terms of earnings, we had favourable development on the whole, and we achieved our margin target for 2020. Despite the challenges brought by the pandemic we have maintained continued good momentum in important development projects,” Stromberg said.