Ica Maxi Reports Strong Profit Gains Amidst Scrutiny over Grocery Price Increases

Ica Maxi stores across Sweden have reported notable profit growth and significant dividend payouts in 2025, according to recent financial data. This impressive performance occurs against a backdrop of sharply rising food prices that have drawn government attention and public scrutiny.

Following Russia's invasion of Ukraine in 2022, the prices of essential food items in Sweden surged by more than 20% within a year, with staples like potatoes, eggs, and coffee becoming notably more expensive. Families with two children faced additional yearly costs of approximately 2,200 SEK due to these increases. The sharp rise in grocery prices sparked political debate, with the Left Party advocating for price caps similar to those implemented in France.

Finance Minister Elisabeth Svantesson convened a meeting with the CEOs of Sweden's major grocery chains, including Ica, which controls about half of the country's food sales through its Ica Maxi stores. During the discussions, Svantesson underscored that unnecessary price hikes would be unacceptable. While Ica's CEO Nina Jönsson blamed food producers for the price increases, the Competition Authority (Konkurrensverket) found that Ica and other retailers had raised profit margins, accounting for nearly a third of the price hikes between January 2021 and April 2023.

Konkurrensverket’s investigation revealed that Ica's average profit per store reached 17.9 million SEK, with profit margins around 4-5%. The authority is currently probing potential competition law violations due to these practices. Despite the crisis, Ica’s profits and dividends remained substantial, raising questions about the fairness of their pricing strategy amid claims of external factors like war and poor harvests.

Local performance graphics highlight the strong sales figures Ica Maxi has achieved nationwide, reflecting robust consumer demand. The ongoing investigation and political pressure suggest continued scrutiny on grocery prices and market behavior in Sweden's food retail sector.