Axfood — Earnings Release 2008

Dec 4, 2008

PRESS RELEASE December 4 2008

Axfood's sales November 2008

Consolidated net sales (excluding VAT) totalled SEK 2,541 m (2,483), a rise of 2.3% compared with the same period a year ago. Net sales for stores in Sweden owned by the Group rose by 6.6% for the month of November, with a 0.1% rise in like-for-like sales.

Sales for the period January-November 2008 in wholly owned stores rose by 9.8%, with a 5.1% rise in like-for-like sales. Consolidated net sales totalled SEK 28,799 m (26,502), an increase of 8.7%. Net sales for Axfood's stores (wholly owned and franchise units) rose by 9.5%, with a 4.8% rise in like-for-like sales.

Hemköp's sales (wholly owned and franchise units) decreased by 3.2 % during the month, with a 5.5% decrease in like-for-like sales. Accumulated sales rose by 2.7%, with a 0.4% decrease in likefor-like sales.

Net sales for Hemköp's wholly owned stores decreased by 5.5% during the month, with a 7.8% decrease in like-for-like sales. Accumulated sales decreased by 0.4%, with a 2.9% decrease in likefor-like sales.

Willys' sales rose by 5.7% during the month, with a 3.0% rise in like-for-like sales. Accumulated sales rose by 9.3% with a 7.7% rise in like-for-like sales.

PrisXtra's net sales* totalled SEK 69 m, a 2.8% rise. Like-for-like sales decreased by 10.3% during the month. Accumulated sales decreased by 1.7%.

	Jan-Nov 2008 SEK m	Jan-Nov 2007 SEK m	Change
Hemköp	5,104	5,119	-0.3%
Willys	15,227	13,930	9.3%
PrisXtra	587	0
Dagab 1)	21,367	19,449	9.9%
Axfood Närlivs 2)	5,196	5,018	3.5%
Other 3)	1,775	1,102	61.1%
Internal sales 4)	-20,457	-18,116	12.9%
Total	28,799	26,502	8.7%
Of which distributed sales
1) Dagab	13,970	12,739	9.7%
2) Närlivs	4,193	4,041	3.8%

Sales per business operation are broken down as follows:

3) Includes support companies and joint-Group functions.

4) Of which Dagab SEK 18,817 m (17,145 m).

* PrisXtras sales was consolidated by 1 February 2008 in the Axfood group.

For further information, please contact:

Anne Rhenman-Eklund, Head of Investor Relations Axfood AB, 070-280 64 59 Karin Hygrell-Jonsson, CFO Axfood AB, +46 70-662 69 70

Axfood AB conducts retail trade through the wholly owned store chains Hemköp, Willys, Willys hemma and PrisXtra, comprising slightly more than 220 stores, and wholesale trade through Dagab and Axfood Närlivs. In addition, Axfood collaborates with a number of proprietor-run stores that are tied to Axfood through agreements. These include stores within the Hemköp chain as well as stores run under the Handlar'n and Tempo profiles. In all, Axfood collaborates with over 500 proprietor-run stores. Axfood is listed on the Nordic Large Cap list of the OMX Nordic Exchange. Axel Johnson AB is the principal owner, with approximately 46% of the shares.