April 21 (Reuters) - Axis AB
* Q1 net sales increased by 29 percent during Q1 to SEK 2,027 m (1,567).
* Q1 operating profit increased to SEK 234 m (153)
* Says the first quarter of 2017 was characterized by strong growth and profitability. A contributory factor to the sales increase was that many of our distributors sold off large parts of their inventories due to strong demand in late 2016, and thus needed to replenish their inventories in early 2017.
* Says foreign currency effects and revenue from the companies we acquired during 2016 also contributed positively to growth Source text for Eikon: Further company coverage: (Stockholm Newsroom)