Ahold’s Scandinavian division ICA’s full-year operating profit reached SEK2.92bn (£281.3m) in 2010, an increase of 7.8% on 2009. The retailer’s net sales for the full year amounted to SEK93.86bn (£9.04bn), down 0.8%. At constant exchange rates net sales rose 0.9%.
In 2011, ICA will “have a laser-like focus” on its disappointing Norwegian operation, chief executive Kenneth Bengtsson announced, as losses there increased during 2010. ICA wants to convert another 100 stores there to the Rimi banner.