Axfood slides to bottom of STOXX after Q2 profit, revenue miss
BUZZ-Axfood slides to bottom of STOXX after Q2 profit, revenue miss ** Shares in Axfood AXFO.ST fall 11% to the bottom of the STOXX 600 .STOXX index after it posted Q2 results below estimates
** Its adjusted operating profit landed at SEK 972 million ($100.5 million), below the SEK 1 billion seen in IBES estimates
** Quarterly revenue was SEK 23.2 billion, compared to SEK 23.7 billion seen in IBES estimates
** "We estimate that the quarter was affected by tough comparative figures, hard price competition and a frozen price situation after the halved VAT," SpareBank 1 Markets says in a note
** However, SB1 Markets sees signs of an underlying market improvement with volume growth an expects the price pressure to ease gradually
** Shares were down 11% at 0801 GMT, on track for their worst day since October 2024 if losses hold
($1 = 9.6688 Swedish crowns)
(Reporting by Vera Dvorakova)
Recent news on Axfood AB
See all newsAxfood says grocery e-commerce centre hit by freezer hacking
Sweden's Axfood Q3 EBIT beats on volume growth
Axfood slides to bottom of STOXX after Q2 profit, revenue miss
Sweden's Axfood misses Q2 revenue estimates; maintains H2 profitability guidance
Brief: Axfood Q2 EBIT SEK 964 Million Vs. IBES Estimate SEK 1,008 Million