Strong income in challenging markets.
Extract from CEO comment - Kenneth Bengtsson, CEO and President ICA AB:
"In light of the economic turbulence and weak development in our markets, we are very pleased with the ICA Group’s results for 2011. Net sales rose by 2.6 percent at constant exchange rates as a result of higher sales in ICA Sweden and increased income for ICA Bank and ICA Real Estate. The ICA Group delivered operating income excluding capital gains and impairments of over three billion Swedish kronor, our highest profit until now. The reasons were a strong recovery by Rimi Baltic, a very successful year for ICA Bank and ICA Real Estate, and stable development by ICA Sweden. ICA Norway remained a major challenge, but a lower loss in the fourth quarter was a cautious sign of a recovery."
For the entire report, with a complete comment by the CEO and description of the financial results, please see the attached pdf-file.