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ICA Gruppen profit misses consensus by 16.9% in Q2

ICA Gruppen AB (publ) said its second-quarter normalized net income was 2.85 Swedish kronor per share, compared with the S&P Capital IQ consensus estimate of 3.43 kronor per share.

EPS declined 26.3% year over year from 3.87 kronor.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 573.6 million kronor, a decrease of 26.3% from 778.3 million kronor in the prior-year period.

The normalized profit margin fell to 2.2% from 3.5% in the year-earlier period.

Total revenue increased 14.9% on an annual basis to 25.54 billion kronor from 22.22 billion kronor, and total operating expenses climbed 17.7% year over year to 24.48 billion kronor from 20.80 billion kronor.

Reported net income decreased 30.2% on an annual basis to 758.3 million kronor, or 3.77 kronor per share, from 1.09 billion kronor, or 5.40 kronor per share.

As of Aug. 19, US$1 was equivalent to 8.58 Swedish kronor.