ICA reports profit surge

Swedish grocer ICA reported a second quarter after-tax profit of 520 million kronor on Tuesday - a 98 million kronor lift from the same period last year.

Turnover during the latest quarter increased to 16,999 million kronor from 16,409 million kronor last year.

The company said that reducing the cost of many of its products led to the positive results. ICA’s largest chain, ICA Maxi, showed the most success in Sweden and Norway with sales growing 17.4 percent, up nearly 3 percent from last year.