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ICA Gruppen profit misses consensus by 26.2% in Q1

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ICA Gruppen profit misses consensus by 26.2% in Q1

ICA Gruppen AB (publ) said its normalized net income for the first quarter was 2.01 Swedish kronor per share, compared with the S&P Capital IQ consensus estimate of 2.73 kronor per share.

EPS increased year over year from 1.93 kronor.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 404.8 million kronor, an increase from 387.4 million kronor in the prior-year period.

The normalized profit margin dropped to 1.7% from 2.0% in the year-earlier period.

Total revenue climbed 19.8% on an annual basis to 23.67 billion kronor from 19.75 billion kronor, and total operating expenses increased 20.2% year over year to 22.90 billion kronor from 19.06 billion kronor.

Reported net income increased 5.0% year over year to 504.9 million kronor, or 2.51 kronor per share, from 480.7 million kronor, or 2.39 kronor per share.

As of May 6, US$1 was equivalent to 8.20 Swedish kronor.