ICA AB, one of the Nordic region's leading retailer, has reported on a strong set of results for the first quarter of 2010, with net sales totalling SEK22.7bn (€2.36bn). This marked an increase of 0.7 per cent on the corresponding period of 2009, or 1.7 per cent at constant exchange rates.
Operating income at the Ahold-owned group amounted to SEK620m (€64.5m), up 133.1 per cent, while net income came to SEK395m (€41.1m), up a massive 262.4 per cent.
'The first quarter of the year was another strong quarter for the ICA Group despite a challenging economic environment,' said Kenneth Bengtsson, CEO and president of ICA AB. 'Our positive development is the result of a good customer offering and the right investments.
'ICA Sweden's income improved substantially at the same time that ICA Norway's loss was reduced significantly during the first quarter during the first quarter,' Mr Bengtsson added. 'Rimi Baltic's result also improved slightly in spite of continued difficult market conditions in the Baltic countries.
