President and CEO
"We continued to maintain a rapid pace in all parts of the operations during the first quarter and we have started the year with retail sales growth that is significantly higher than the market. This shows that our food and store concepts continue to attract existing and new consumers who value affordable, good and sustainable food.
All operating segments reported higher operating profit for the quarter, with strong sales and healthy productivity gains compensating for significantly higher fuel costs and a weak SEK. As a result, we can report higher adjusted operating profit of
After a long period of low food price inflation in
First quarter summary
- Net sales totalled
SEK 16,593 m (13,203), an increase of 25.7%, including the acquisition of Bergendahls Food. -
Retail sales totalled
SEK 12,711 m (12,207), an increase of 4.1%. -
Operating profit amounted to
SEK 835 m (565) and included items affecting comparability of netSEK 182 m. The operating margin was 5.0% (4.3). -
Adjusted operating profit amounted to
SEK 653 m (565), an increase of 15.5%. The adjusted operating margin was 3.9% (4.3). -
Net profit for the period amounted to
SEK 682 m (430) and earnings per share before dilution toSEK 3.30 (2.16). -
Mat.se was divested to Mathem on 1 March in exchange for newly issued shares in Mathem. The transaction resulted in a capital gain of
SEK 221 m, which was recognised as an item affecting comparability during the quarter.Axfood is the second-largest owner of Mathem, with an ownership stake of 16.5%. Axfood's Annual General Meeting (AGM) on 23 March authorised the Board to carry out a rights issue amounting to approximatelySEK 1.5 bn . The AGM also approved a dividend to shareholders ofSEK 7.75 (7.50) per share. The dividend amount is divided into two payments. The first payment ofSEK 4.00 was made in March, and the second payment ofSEK 3.75 will take place in September.
Significant events after the balance sheet date
Axfood's Board of Directors has resolved on the repurchase of no more than 575,000 shares related to the long-term share-based incentive programme LTIP 2022.
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The information herein is such that
This document is an English translation of the Swedish original. In the event of any discrepancies,
the Swedish version shall govern.
https://news.cision.com/axfood/r/2022-begins-with-strong-growth-and-stable-profitability,c3549755
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