President and CEO
"The intense year of 2021 concluded with a strong fourth quarter. Our growth in store sales of 3.1% meant we grew faster than the market, and we also posted improved earnings and an operating margin of 4.3%."
"As we look back on a historic year characterised by a high pace of development, we can now say that 2021 was probably the most eventful year in
Fourth quarter summary
- On 1 October, the acquisition of
Bergendahl Food AB and a minority stake of 9.9% inCity Gross Sverige AB was completed. -
Net sales increased 25.1% to
SEK 17,062 m (13,663). Net sales excluding Bergendahls Food increased 5.6%. -
Store sales for the
Axfood Group totalledSEK 12,424 m (12,047), an increase of 3.1%. -
Operating profit amounted to
SEK 739 m (566) and included items affecting comparability ofSEK 86 m. The operating margin was 4.3% (4.1). Adjusted operating profit amounted toSEK 653 m (566), an increase of 15.5%. The adjusted operating margin was 3.8% (4.1). -
Net profit for the period amounted to
SEK 608 m (409) and earnings per share before dilution toSEK 2.92 (2.02). Axfood entered into an agreement for a strategic partnership with Mathem, becoming a new co-owner of the company with a shareholding of 16.5%, by divesting Mat.se in exchange for shares in Mathem. Completion of the transaction is subject to approval by theSwedish Competition Authority .- Raised profitability target of a long-term operating margin of at least 4.5% (previously at least 4.0%).
Summary January-December
- Net sales totalled
SEK 57,891 m (53,696), an increase of 7.8%. Net sales excluding Bergendahls Food increased 2.8%. -
Store sales for the
Axfood Group totalledSEK 47,835 m (46,954), an increase of 1.9%. -
Operating profit amounted to
SEK 2,704 m (2,510). The operating margin was 4.7% (4.7). Adjusted operating profit amounted toSEK 2,690 m (2,510), an increase of 7.2%. The adjusted operating margin was 4.6% (4.7). -
Net profit for the period amounted to
SEK 2,094 m (1,862) and earnings per share before dilution toSEK 10.28 (9.12).
Significant events after the balance sheet date
- The Board of Directors proposes an increased dividend of
SEK 7.75 per share (7.50). The dividend is split into two payments,SEK 4.00 per share inMarch 2022 andSEK 3.75 per share inSeptember 2022 .
Investments and store establishments 2022
Axfood's investments in 2022 are expected to amount to betweenSEK 2,600 and 2,700 m, excluding acquisitions and right-of-use assets.-
During 2022,
Axfood plans to establish 8-13 new stores.
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