Year-End Report, Axfood AB (publ.), January 1-December 31, 2002


STOCKHOLM, Sweden, Feb. 6, 2003 (PRIMEZONE) -- Axfood AB (publ.) (Stockholm:AXFO):


 -- Axfood's consolidated sales amounted to SEK 33,115 m (32,428), an 
    increase of 2.1%. Retail sales for Axfood's wholly owned businesses
    in Sweden rose by 9.6% during the year. The increase for the fourth 
    quarter was 7.6%.

 -- Operating profit for the period January-December was SEK 1,023 m 
    (653). Operating profit for the fourth quarter was SEK 271 m (155),
    an increase of 75% compared with the same period a year ago. Willys,
    Dagab and Spar Finland made the strongest contributions to the
    earnings improvement.

 -- Profit after net financial items amounted to SEK 919 m (527), an 
    increase of SEK 392 m.

 -- The fourth quarter entailed a slight improvement for Hemkop. The 
    operating margin rose by 0.4 percentage points, to 2.2% (1.8%).

 -- Axfood's long-term operating margin target for 2005 has been raised
    to 3.5%.

 -- The Board of Directors proposes that the dividend be raised to
    SEK 5.00 (2.50) per share. The dividend policy is being changed to
    correspond to an average of 40% of profit after tax (previously a 
    minimum of 30% of profit after tax during a business cycle).

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 www.waymaker.net/bitonline/2003/02/06/20030206BIT00890/wkr0001.doc
 The full report

 www.waymaker.net/bitonline/2003/02/06/20030206BIT00890/wkr0002.pdf
 The full report