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Axfood profit misses consensus by 18.7% in Q2

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Capital Markets View – January 2021


Axfood profit misses consensus by 18.7% in Q2

Axfood said its second-quarter normalized net income amounted to 1.28 Swedish kronor per share, compared with the S&P Capital IQ consensus estimate of 1.57 kronor per share.

EPS rose 17.5% year over year from 1.09 kronor.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 268.1 million kronor, a gain of 17.5% from 228.3 million kronor in the prior-year period.

The normalized profit margin climbed to 2.6% from 2.3% in the year-earlier period.

Total revenue rose 6.9% year over year to 10.48 billion kronor from 9.80 billion kronor, and total operating expenses increased 6.6% year over year to 10.05 billion kronor from 9.43 billion kronor.

Reported net income increased 16.8% year over year to 334.0 million kronor, or 1.59 kronor per share, from 286.0 million kronor, or 1.36 kronor per share.

As of July 15, US$1 was equivalent to 8.52 Swedish kronor.