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3i Group PLC on Thursday reported ‘very strong’ sales for portfolio company Action, a Dutch discount store chain operating in nine countries within Europe.
The London-based venture capital company said Action's like-for-like sales and footfall in the year-to-date were significantly ahead of the prior year, though with a reduced basket size.
It added that Action continued to perform in line with plan, noting no issues despite global challenges in inventory and supply chains. As a result, 3i said, Action is set for another good quarter of growth.
The remainder of its private equity portfolio is resilient, 3i said, with the majority of the portfolio continuing to build on their recent growth.
Some companies in the portfolio, however, were suffering from lower customer demand and inflationary pressures. Nonetheless, 3i said it well positioned moving forward and said it was confident in delivering significant longer-term compounding returns.
Shares in 3i were down 2.3% at 1,086.50 pence on Thursday morning in London.
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