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Axfood Q1 profit climbs 37.4% YOY

Axfood said its first-quarter normalized net income was 98 Swedish öre per share, compared with the S&P Capital IQ consensus estimate of 1.03 kronor per share.

EPS rose 37.4% year over year from 71 öre.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 205.0 million kronor, a gain of 37.4% from 149.3 million kronor in the prior-year period.

The normalized profit margin increased to 2.1% from 1.7% in the year-earlier period.

Total revenue increased 6.9% year over year to 9.57 billion kronor from 8.95 billion kronor, and total operating expenses rose 6.2% year over year to 9.24 billion kronor from 8.70 billion kronor.

Reported net income grew 36.9% from the prior-year period to 256.0 million kronor, or 1.22 kronor per share, from 187.0 million kronor, or 89 öre per share.

As of April 22, US$1 was equivalent to 8.73 Swedish kronor.