3i Group says Action performing strongly amid sound sales growth

(Alliance News) - 3i Group PLC on Thursday, the day of its annual general meeting, said its private equity portfolio showed performance in line with its own expectations.

The London-based investment manager said Action continued to perform "strongly", with like-for-like sales growth of 6.9% in the year to date and net new store openings of 111 on track with expansion plans.

Action's product assortment includes decoration, DIY, garden and outdoor, household goods, multimedia, health, stationery and hobby, toys and entertainment, food and drink, laundry and cleaning, personal care, pet, fashion and linen.

"The like-for-like performance continues to be transaction driven with a strong contribution from seasonal sales," 3i said.

It added that the remainder of the private equity portfolio continued to show performance in line with its own expectations.

3i will publish a first quarter performance update on July 24.

3i shares rose 2.3% to 4,041.00 pence each on Thursday morning in London, giving it a market capitalisation of GBP39.38 billion.

By Tom Budszus, Alliance News slot editor

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