Stockholm / SE. (ica) Sweden’s ICA Gruppen AB announced its financial results for Q4-2023. Net sales increased by 8.3 percent during the year to SEK 147,645 million. The increase in local currencies was 7.2 percent. The sales increase in the grocery business was driven by high inflation at the same time as volume development was negative. In Apotek Hjärtat and ICA Insurance volume effects were positive.
(Source: ICA Gruppen AB)
Comments by ICA Gruppen’s CEO, Nina Jönsson: «It is clear that 2023 was a challenging year in many ways, but also a year when we were successful in a number of key areas. We achieved strong earnings for the full year in Apotek Hjärtat and ICA Bank while Rimi Baltic had its second-best year ever. During the year in a difficult market we completed a number of major real estate transactions and bond issues which, combined with a really strong cash flow, significantly improved our financial position. We are also pleased to note that at the end of the year for the first time in a long while we achieved positive volume growth in our grocery retail operations and took market shares in both Sweden and the Baltic countries. We now move forward and, as recently announced, are making additional investments totalling SEK 1 billion in regular prices during 2024. This is a major initiative which we are carrying out together with the ICA retailers to ensure continued good growth and to meet customers’ price expectations.»
For additional information please read this excerpt of the company’s PDF file below (08 pages | 64 KB):
20240210-ICA-GRUPPEN-Q42023