ICA has announced this week that operating income for the full year of 2010 came to SEK2.9bn (€334m), up 7.8 per cent from the SEK2.7bn (€309m) recorded in 2009, with net income for the year coming to SEK547m (€62.6m).
Net sales for the 12-month period came to SEK93.9bn (€10.7bn), down 0.8 per cent year-on-year, although at constant exchange rates sales actually rose 0.9 per cent.
Results were achieved despite a fourth quarter that saw operating income fall 22.7 per cent to SEK718m (€82m) from SEK929m (€106m) in the same period of 2009.
'The improved operating income was due to the continued positive performance of ICA Sweden and a strong recovery in Rimi Baltic,' said Kenneth Bengtsson, CEO and president of ICA. 'ICA Norway's development is a major disappointment. Its lower operating income was primarily a result of exceptional price competition that started in February 2010.'
