Earnings call transcript: Axfood Q4 2024 sees growth in retail sales, stock up

Axfood reported its fourth-quarter 2024 earnings, highlighting a 6.8% increase in retail sales and a 3.6% rise in full-year net sales, reaching 84 billion SEK. The company’s stock experienced a 1.9% increase, reflecting positive investor sentiment despite a decrease in adjusted operating profit.

Key Takeaways

• Retail sales rose by 6.8% in Q4 2024.
• Net sales for the full year increased by 3.6% to 84 billion SEK.
• Axfood’s stock price increased by 1.9% after the earnings announcement.
• The company acquired the Citygross hypermarket chain and expanded its store network.
• Net debt increased to approximately 5.5 billion SEK.

Company Performance

Axfood’s performance in the fourth quarter of 2024 was marked by significant growth in retail sales and net sales, despite a challenging market characterized by price-conscious consumers and intense competition. The acquisition of the Citygross hypermarket chain and the opening of 12 new group-owned stores contributed to the company’s expanded market presence. Axfood’s market share increased to 25%, reinforcing its position as the second-largest player in the market.

Financial Highlights

• Full-year net sales: 84 billion SEK, up 3.6% year-over-year.
• Retail sales: Increased by 6.8%.
• Adjusted operating profit: Decreased by 169 million SEK to 340 million SEK.
• Operating margin: 4.1%, down 0.4 percentage points.
• Return on capital employed: 16.6%.
• Net debt: Increased to approximately 5.5 billion SEK.

Earnings vs. Forecast

The earnings call did not provide specific EPS or revenue figures for the quarter, but the company’s performance in retail sales and net sales aligns with its strategic growth initiatives. The company did not disclose whether it met or missed specific analyst forecasts for EPS or revenue.

Market Reaction

Following the earnings announcement, Axfood’s stock price rose by 1.9%, reflecting investor confidence in the company’s strategic direction and market share gains. The stock’s performance is notable given the broader market trends and competition within the food retail sector.

Outlook & Guidance

Looking forward, Axfood plans to invest 1.6 to 1.7 billion SEK in 2025, excluding acquisitions, and aims to expand its store network by 10 to 15 new group-owned stores. The company expects the Citygross chain to reach profitability during 2025 and has proposed a dividend of 8.75 SEK per share, representing 86% of profit after tax.

Executive Commentary

CEO Simone Margolis emphasized the company’s achievements in increasing market share and enhancing customer engagement. "We have now ended a year during which we increased our market share and took major steps to improve the customer meeting and strengthen our competitiveness," Margolis stated. She also highlighted the importance of customer traffic, loyalty, and volume growth as key drivers of long-term growth and profitability.

Q&A

During the earnings call, analysts inquired about margin pressures at Willys and the increase in net debt, which was attributed to acquisitions and lease obligations. The company also discussed plans for store conversions and potential net store openings, signaling continued expansion efforts.

Risks and Challenges

• Margin pressures in the discount segment could impact profitability.
• Increased net debt may pose financial risks if not managed effectively.
• Intense competition and price-conscious consumer behavior remain challenges in the food retail market.
• Supply chain optimization and logistics improvements are critical to maintaining efficiency and cost control.
• Economic factors, including inflation and consumer spending trends, could affect future performance.

Full transcript - Axfood AB (AXFO) Q4 2024:

Alexander Bannorf, Head of Investor Relations, Axfood: Good morning. This is the Ax Food Year End Report twenty twenty four Telephone Conference. With me today are Simone Margolis, President and CEO and Anders Lexmann, CFO. My name is Alexander Bannorf and I’m the Head of Investor Relations at Axfood. In the Investors section of our axfood.com website, you will find the presentation material for today’s call.

We encourage you to have that presentation at hand as you listen to our prepared commentary. After the presentation, we will be taking questions. A recording of this call will be made available on our website. With that, I will now hand over the words to Simone. So please go to page 2.

And please go ahead, Simone.

Simone Margolis, President and CEO, Axfood: Thank you, Alex. And good morning, everyone. Twenty twenty four was an event for the year of Axel, a year with continuous strong operational development. For us, what really drives long term growth and profitability in food retail is customer traffic, loyalty, and volume growth. Our strong development in all these areas is clear evidence to how much our customers appreciate our offerings.

In addition, 2024 was also a year with continued progress in our initiatives and investments for the future, including the acquisition of City of Oz as well as in logistics and sustainability. I will cover all these areas in the presentation, so let us take a look at today’s agenda on page 3. I’ll start with a brief market overview, and then I will give you a review of our performance and strategic agenda. Following that, Anders will take you through some full year numbers and give you an update on our financial position. I will then cover the outlook for 2025 that we’re issuing today as well as the board’s dividend proposal before we open up for Q and A’s.

So turning to Page 4, Axwood is summarizing a and a full year characterized by stronger market positions. At the same time, strategically important investments were made during the year to further strengthen the group. Let’s move to Page 5. Food retail market growth was just over 4% in the a higher level than in both the and the However, adjusting for calendar effects and inflation, market growth has been very stable at just over 2% for most parts of 2024. Volumes in the food retail market are therefore continuing to gradually recover at a steady pace.

The market dynamics in 2024 were characterized by cautious and price conscious consumers as well as more intense competition. We are well positioned to navigate a changing market thanks to our strong and distinctive concepts. And during the year, we gained market share despite high comparison figures and in the we increased our market presence with cyclicals. In total, retail sales increased 14%. Retail sales growth over a two year period amounted to 24%, more than double the rate of the market and was slightly below 11%.

Please go to the next page, number 6. During the quarter, access e commerce sales increased slightly more than 7%, which again was higher than the market. And over two year period, growth was more than 3 times the market growth. Our share of consumer sales from e commerce was approximately 5%, which was almost 1 percentage point higher than the penetration of the market. So we clearly have a strong presence in this channel and more than our fair share.

We are now on page 7. Axwood has a long track record of market share gains and has outperformed the market every year during the past ten years. With City Girls, our market share now amounts to 25%, which compares to somewhat more than 17% if we go back to 2015. We are the clear number 2 player on the market and we’ll continue to push forward and challenge. Turning to page 8.

Growth in consolidated net sales for the group amounted to 5% during the mainly from higher volumes. Citigroup (NYSE:C) contributed to that performance, but Citigroup’s side, we saw strong growth across all operating segments. Please go to the next page, page 9. In total, group operating profit amounted to SEK $6.29,000,000 and the operating margin was 2.9%. Operating profit includes items affecting comparability of minus SEK 143,000,000 pertaining to a reevaluation of our previous minority stake in Cyprus.

Items affecting comparability last year related to cost for transitioning to our new logistics structure. Although the transition is still ongoing, related costs are no longer deemed as affecting comparability as parallel warehouse corporations have been phased out gradually. Adjusted operating profit, which excludes items affecting comparability, amounted to SEK $7.72,000,000 and adjusted operating margin was 3.5%. Excluding the negative profit contribution from Citiglas, adjusted operating profit was in line with the year the prior year. While the sales development in the other chains was positive with like for like growth, the consumer behavior and intense competition is putting pressure on our gross margin and we’re also facing a high cost inflation.

We’re increasing our focus on productivity and cost efficiencies. With our structure and investments in the base operations, we have a solid foundation in this work to gradually improve our competitiveness over time. Let’s go into a little bit more detail starting with Willis on page 10. Willis grew more than the market in the as retail sales increased almost 5% against very high comparison figures. The pace of new establishments were high and during the quarter, total of 4 new stores were opened, 2 large and 2.

Operating profit amounted to $4.43,000,000 corresponding to an operating margin of 3.7. Increased volumes had a positive impact on earnings. However, somewhat lower gross margin and high cost inflation in primarily personnel and rental levels resulted in a decrease in profit compared to the prior year. Turning to page 11. Willis is the leading discounter in Sweden and among consumers the most recommended food retail chain on the market.

Wille’s market position is unique with a combination of low prices, a wide assortment, modern stores and e commerce. The chain has a great momentum and its growth in 2024 was mainly driven by high volumes. 2023 was an exceptional year. However, volume growth in 2024 was more than double the rate in both 2021 and 2022, so a very strong growth rate overall this year. The loyalty program, Willis Plus, now has almost 3800000.0 members and an increase from last year was substantial.

In addition to attracting many new customers, we see strong and stable loyalty when we measure brand perception of wheelies as measured by consumer consideration and preference. We have shown you these charts before, but they are worth showing again as these metrics really display how strong the wheel stand is among consumers. We are now on page 12 and Hampshire. Hampshire continues to demonstrate strong like for like growth, which amounted to 4.6% this quarter and again was higher than growth for the overall market. Total (EPA:TTEF) retail sales growth was lower than 3.1% reflecting changes to the store structure.

Hampshire is continuing to strengthen its position by focusing on price value, fresh products and meal solutions. Hampshire is also investing in the modernization of existing stores and strengthen its sustainability profile. The total number of members include Hampshire loyalty program now amounts to almost 2100000.0. Operating profit amounted to 61,000,000 corresponding to an operating margin of 2.9%. Increased volumes had a positive impact on earnings.

However, capital effects impacted negatively. First, Hampshire has had a high pacing expansion recently with 3 new group owned stores. Cost for these new establishments has a negative impact on profits as it takes time to establish stores in a new marketplace. Also a lower gross margin and high cost inflation also contributed to development. Turning to page 13.

The acquisition of the hypermarket chain Sittigos was completed on the 1st of November,. In total, net sales amounted to SEK1.6 billion during the Nov. 0 to Dec. 0 period. On a like for like basis compared to the year earlier, when Axwood was not the full owner of Citibios, retail sales were basically flat.

In total, retail sales decreased minus 1.7%, mainly due to volume declines and closures of 1 store. In total, Citigroup has 42 stores, mainly on the Southern part of Sweden and an e commerce business through all stores. As anticipated, the operating profit was negative and amounted to minus SEK 40,000,000 corresponding to an operating margin of minus 2.4%. The negative profit is mainly explained by the weak growth in like for like sales. In combination with a lower gross margin related to negative inventory effects and a higher share of sales from campaigns.

We are now on page 14. Axwood’s know how and experience provide the conditions to further develop and strengthen the Cytugos concept as well as its competitive edge over other players in the hypermarket segment. The acquisition gives Axwood a clear presence in the hypermarkets, the fastest growing segment in the market after discounts, thereby expanding the group’s reach. In connection with the takeover, a new board has was appointed and Paltic Grabenbauer, previously Vilis, was appointed as managing director effective immediately. Work has since focused on strengthening Cytogos competitiveness through several improvement initiatives.

Our estimate now is that Citigels will reach profitability at some point during the and thereafter gradually improve its profitability. We are developing the brand and store concept and reviewing the customer offering including a special focus on attractiveness, efficiency, price value, and private label products. To streamline operations, a chain management structure is now being implemented, including a new operational model and new routines and procedures. We are also planning structural measures at a handful of stores in 2025, mainly related to conversions to other concepts. These structural measures are expected to have a negative impact of approximately SEK 100,000,000 on operating profit in 2025 and will be classified as items affecting comparability.

Moving on to page 15. Our restaurant wholesaler, Snagios, reports a strong performance in a challenging market with an increase in numbers of stores and higher market share. Growth was strong in the quarter and amounted to 6.1% with higher volumes. Sales were up 5.3% on a like for like basis. In addition, the trend in consumer sales through Snabbos Club remained strong.

Operating profit was basically in line with the prior year and amounted to 57,000,000 SEK corresponding to an operating margin of 4.3%. Increased volumes had a positive impact on earnings. However, somewhat lower gross margin and high cost inflation impacted development negatively. We are now on page 16 on Dargav. Dargav’s net sales increased by 4.3%.

Sales to Willis, Hampshire and Slavios drove the increase in the quarter. Reported and adjusted operating profit amounted to SEK $3.29,000,000 and the operating margin both on a reported and on an adjusted basis was 1.7%. The profit development was primarily derived from a growth in sales in combination with a lower overall cost level due to progress in the work on the restructuring logistics operation. Please turn to page 17. So let me elaborate on the improved cost levels in Dargav.

Following completion of the ramp up for stores in the new logistics center in Bolstad in the Wattam, our focus has been on optimizing operations. E commerce flows are also being implemented in parallel. With this work, we’re now starting to see increased productivity and efficiency. And by the end of the year, productivity has measured by number of handled cases per work hour had increased almost 20% since the start of the year. We expect a continued gradual improvement during the course of this year.

To sum up the transition to Bolsa, last year we closed our full assortment warehouse in Jugro for grocery trade volumes. We now only have very small scale operations there to serve the convenience trade with frozen goods. Our fresh produce warehouse in Vorleng has been closed for some time. Our e commerce warehouse in Orsted (CSE:ORSTED) will be closing during the next couple of months in pace with the ramp up of the e commerce in Warsaw. As previously communicated, we will keep our Arbio warehouse, which will handle convenience trade volumes, and we will gradually shift volumes there from our convenience trade warehouses in Kolevio and Saatva, which will then close during the the latest.

So compared to the original plan with the new logistic structure which was established five, six years ago, we’re closing down 5 warehouses instead of 6. But it makes a lot of sense to keep or grow. Concentrating convenience trade volumes there means that we can create the necessary conditions to deliver better quality and higher efficiency in both food retail and the convenience trade and really utilize our new Worcester facility the best way possible, filling it with large scale groceries, trade volumes that are by far more suited for automated processes than smaller scale convenience trade volumes that requires a lot of manual handling. So that’s our rationale behind this decision. In addition to substantial progress in Volstad, expansion of this existing high bay warehouse in Bakhia, Gothenburg, and the optimization of the fruit and vegetable warehouse in Nazkiruna have entered the final phases.

Now we are on page 18. Important progress was also made in sustainability in 2024. As we previously announced, we have chosen to accelerate the transition to renewable fuels and transports and to move the deadline for phasing out fossil fuels ahead by five years. This positive trend continued during the resulting in a reduction of over 30% in the carbon footprint from our own transports since last year and nearly 60% over a three year period. We also reached our 50% reduction target in food waste in own operations compared with the base year 2015, a full year ahead of schedule.

At the same time, consumer surprise awareness continued to have a negative impact on sustainable and healthy food consumption. We are working intently to reverse this trend by offering our customers sustainable and healthy assortment of products and guiding them towards sustainable and healthy choices. Turning to page 19. Now it’s time for Anders to walk you through the financial development. So please go to the next page, number 20.

And Anders, please go ahead.

Anders Lexmann, CFO, Axfood: Thank you, Simone. For the full year, net sales for the group increased with 3.6% to SEK 84,000,000,000. Retail sales increased with 6.8%. Excluding City Of Oz retail sales increased with 4.3% higher than the full retail market in total, where growth amounted to 4.1%. Adjusted operating profit, which excluded items affecting comparability of minus SEK143 million decreased by SEK169 million to 340,000,000,0.0.

The decrease was explained by lower gross margins and increased costs mainly related to higher personnel costs and rents. The contribution from Citigos for Nov. 0 to Dec. 0 period was also negative. Operating margin excluding items affecting comparability was 4.1%, which was 0.4 percentage points lower compared to last year.

Items affecting comparability pertain entirely to revaluation of the minority stake in SITIOS as Simon mentioned earlier. Last year, items affecting comparability pertain to cost for parallel warehouse operations during the transition to the new logistics center in Polvorstadt. Let’s then turn to Page number 21. In the cash flow from operating activities was SEK $3.47,000,000 lower compared to the prior year. The relatively weak cash flow from operating activities was mainly due to negative calendar effect in net working capital.

This negative calendar effect is also the explanation to the lower cash flow from operating activities for the full year, SEK348 million lower compared to last year. The cash flow from investment activities of SEK2 billion was significantly lower compared to last year as a result of the acquisition of Citeos. The investment in Citeos amounted to almost SEK1.6 billion. And on the other hand, the investments in automation for the full year was lower compared to last year. At the end of the we utilized approximately 290,000,000,0.0 SEK of our credit facilities, approximately 240,000,000,0.0 SEK more than the last year.

At the end of the we utilized approximately SEK 110,000,000,0.0. We are now on Page 22. If we then take a look at the financial position, the net debt has increased compared to previous quarters due to the acquisition of Citiglas. In addition to the loans raised for the acquisition, net debt was increased with the Citiglas leasehold debt of SEK2 billion. This is also reflected in the higher net debt ratio.

The equity ratio at year end amounted to 20.9%, the target of 20%, but lower compared to last year. And the lower equity ratio was also a result of the City Gas acquisition. Total investments excluding the sold and acquisitions for the year amounted to just over SEK1.5 billion. This was slightly lower level than estimated due to lower pace in investments related to the wholesale operation. DOGA had the lower investments in automation and the minor part has been postponed to 2025.

We have established 12 new Groupon (NASDAQ:GRPN) stores during 2024, which was in line with the development last year. We also increased number of stores with 42 hypermarkets following the acquisition of Cypriots And we will come back to the investments outlook for 2025 later in this presentation. So then please turn to page number 23. Looking at the capital efficiency, we had a positive developed amount of net working capital as a result of the continuous work to improve working capital. The impact of the City of Oz acquisition was on the other hand negative, increasing the KPI with approximately 0.3 percentage points on a rolling twelve month basis.

Capital employed has increased over the last years, mainly due to both the acquisitions of Berndor’s Food and Sipidor’s, as well as the investments in Volstad. The higher level of capital employed in combination with a lower profitability for 2024 have had a diluting effect on the return on capital employed. The return on capital employed amounted to 16.6%. And with that, Simone, I hand over to you again.

Simone Margolis, President and CEO, Axfood: Thank you, Anders. We are on page 24, but let us turn to page 25. So today, we’re issuing delta for 2025. Investments are expected to amount to 1.6 to 170,000,000,0.0 SEK excluding acquisitions and right of use assets. The largest part of this is related to recurring investments in our operations and also covers expansion.

To encourage even more customers to shop with us, we will continue to maintain a higher rate on new store establishments in 2025 and beyond. Our ambitions for 2025 is to expand the store network by 10 to 15 new group owned stores, the majority of which will be Willis. Moving on to the dividend and page 26. Axle has a strong financial position, and the board of directors will propose to the annual general meeting an increased dividend of 8,.75 per share. The dividend will be split into 2 payments, 4,.50 per share in March 0 and 2,.25 per share in Sept.

0. The dividend proposal corresponds to 86% of profit after tax, well in line with our dividend policy. Now turning to the fine final page on this presentation, page 27. So let me summarize. We have now ended a year during which we increased our market share and took major steps to improve the customer meeting and strengthen our competitiveness.

We are entering 2025 fully energized as a major opportunities to further challenge, strengthen our positions, and take advantage of our longer term initiatives. So that concludes the presentation. Now please turn to page 28, and I hand over to the operator to open up for the, the line for questions. So thank

Conference Operator: The next question comes from Rob Joyce from BNP Paribas (OTC:BNPQY) Exane. Please go ahead.

Rob Joyce, Analyst, BNP Paribas Exane: Hi, good morning. Thanks very much for taking my questions. A couple from me. Just want to understand, firstly, what the sort of profitability trajectory is at Willys. I’m just trying to understand the major differences between the sort of minus 100 basis points EBIT margin in the and the minus 40 in the and whether we should think of is minus 40 what we should be thinking of into the next year or how do we go sorry 2025.

How do we think about the margin progression in 2025 there at Willys? And then also just in terms of the excuse me, there’s an obvious question in the net debt. I just noticed that the net debt is up around $5,000,000,000 5 point 5 billion dollars versus 4Q last year. City gross 2,000,000,000 What’s the difference I’m missing there? Thank you.

Anders Lexmann, CFO, Axfood: So I can begin with the net debt, your last question there. So as I mentioned in previous pictures, it’s $2,000,000,000 in the leasehold for connected to the city of Los. And then we also have increased our external loans with approximately 2,000,000,000. And then we also had revaluation of our own or old rent contracts and also new rental contracts for new stores in 2024. And that sum ups to approximately 1,000,000,000.

So there you have your 5.

Simone Margolis, President and CEO, Axfood: And regarding Willis and the profitability development, it’s difficult to to to to, Jose, to see it quarterly by quarterly. But for Willis, of course, the high volume growth is 1 positive effect in the margins. And on the other side, high side, high competition is, is also affecting the comp, the margins. But if you look on margins, there’s of course a lot of factors affecting the margins. It’s the customer mix is also about the, the campaign mix and also the product mix is also affecting the margins.

And also in Dec. 0, we have a seasonal mix affecting the margins. So all in all, was a little bit weaker than we are used to seeing Willis. But if we also talk about this year’s, as I told, it’s it’s many factors that’s also affecting the margins, but, was a little bit weaker than we’re used to seeing due to, to both, as we said, we strengthened the price position for Willis during this year and we had a little bit more positive effect also in volumes during the for Willis.

Rob Joyce, Analyst, BNP Paribas Exane: Which makes sense. I guess the question I have is, if we look into 2025, with the impression you had in the second half of twenty twenty four, does it make sense for consensus to expect will these margins to be up in 2025 or should we see a bit of pressure still into that at least?

Simone Margolis, President and CEO, Axfood: I don’t give any forecast for this year. It’s also of course for us, it’s important that we list customer trust is all liaison having the cheapest bag of groceries And, and it has also been a very successful strategy for wheelers for many years. And we will want, we will not lead that strategy. And, and of course there’s so many things affecting, of course the market, but also, as I said, the product mix and also the campaign mix will affect the margin development during the year. And as you said, was weaker than we used to see.

Rob Joyce, Analyst, BNP Paribas Exane: Okay. Thank you.

Conference Operator: The next question comes from Gustave Hageeos from SEB. Please go ahead.

Gustave Hageeos, Analyst, SEB: Hi. Sorry. Thanks for taking my call. I’m a bit late into the call. But I was wondering about the ambition of the store openings for 2025, ’20 ’15.

Could you give a rough indication if you believe in a net store opening in 2025 given rightsizing of city gross and maybe some other closures? That’d be helpful. Thanks.

Simone Margolis, President and CEO, Axfood: Yes. As you said, we’re guiding on 10 to 15 new stores in the group. And we see a positive net effect of store openings during 2025. And regarding the city girls, as we said, we see, we see that we need to do structural measures on a handful of stores. Majority of those is to change the concepts to new, to other concepts that we’re having in our group.

Conference Operator: The next question comes from Nikolas Skogman from Nordea. Please go ahead.

Nikolas Skogman, Analyst, Nordea: Yes, good morning, everyone. I’d like to just first go back to VILIS. So based on what you said earlier, is it fair to assume that the impact on the margin in and from competitive pressures were the same? It was just different items impacting the margin differently in versus

Simone Margolis, President and CEO, Axfood: We have had a high competition in the market during the entire year. And we also think and that is why we also decided to strengthen the price position for Willis to be able to really assure customers that they’re having, that they would find the cheapest bag of groceries in Willis. And, and I would say we have the same market dynamics now that we have had for the entire year. There’s a high price focus from the consumers and also high price intensity in the market, which I think we’re navigating very successfully since we see better volumes, during the and during the entire year actually. So we see that’s an evidence that the customer really likes our offering.

And as I said, there are many things that is affecting the margin. It’s all about how we develop in campaign mix and product mix and also the mix between the stores and the concepts we have in our group.

Nikolas Skogman, Analyst, Nordea: All right. Thanks. And then maybe you could talk a bit about the margin development in Hampshire Pier, which is quite different from

Simone Margolis, President and CEO, Axfood: Yes. In Hampshire, of course, also it’s important to have an attractive price position. And as I said, the market dynamics, there is a high competition and also Hampshire is important to be price relevant in their market segment. But what you see in the sorry, is that we established 3 new stores in the end of the and in the beginning of the and 3 new stores for Hampshire is a high amount. And it’s since it takes time to establish on a new marketplace, that is the biggest affecting, factor on the result in Hampshire.

And that will even out over time. But since we have 3 new stores in only two months, that is what you see in the result of Hampshire.

Nikolas Skogman, Analyst, Nordea: All right. Good. And then on the SIP to gross conversions, is it mainly into villis stores you plan to convert given the size of the stores, I assume?

Simone Margolis, President and CEO, Axfood: We see it necessary to do structured measures and as we said like a handful of stores and majority is to be converted into other store concepts. The details on that, it’s an ongoing work that we are doing at the moment, and we will get back to you, as soon as we have, the exact stores. And, as we see, there are, we have, as you know, many different brands in our group. So the majority of them will be converted to another concept.

Nikolas Skogman, Analyst, Nordea: Okay. And then perhaps last on the group costs, which were rather low for second quarter in a row. Is that still sort of a lower project intensity? And do you expect that to normalize ahead?

Anders Lexmann, CFO, Axfood: That can varies over quarters as you have seen in the previous quarters. But we have a little bit lower, intensity in the projects in and also somewhat lower IT costs in But as you know, it tends to differ from quarter to quarter. And it was a little bit low in as you mentioned.

Nikolas Skogman, Analyst, Nordea: Okay. Thank you very much.

Simone Margolis, President and CEO, Axfood: Thank you.

Conference Operator: There are no more questions at this time, so I hand the conference back to the speakers for any closing comments.

Simone Margolis, President and CEO, Axfood: So so, I would thank you all for joining us today and, hope to see you soon. Have a good

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