Business
Axfood shares slide after higher costs dent Q3 earnings
Axfood shares slide after higher costs dent Q3 earnings
About this update from Axfood Ab
** Shares in Axfood OMXSTO:AXFO extend losses form morning trade and are down 6% at 1150 GMT after the Swedish food retailer flagged in its Q3 print weaker-than-expected Willys division's performance and higher costs** "At first glance, we see the report as mixed towards the negative side," Kepler Cheuvreux says via Swedbank Aktiellt equity research service ** The broker notes that non-recurring expenses and higher structural costs tied to the turnaround of City Gross chain contributed to the company's weaker Q3 earnings performance** "It is positive that the company continues to gain market share, but the Group's earnings came in slightly below expectations, particularly driven by Willys," it adds ** Shares, on track for their worst day in a year, are at their lowest in five months