Iceland Supermarkets in the UK reported recession-defying profits in its annual report to 27th March, released today. The resolution committee of Iceland’s (the country) Landsbanki owns 14 percent of the food retail group – a holding formerly owned by Baugur Group.
According to RetailWeek, Iceland’s March-March pre tax profits were around GBP 112 million, or roughly ISK 23 billion. The chain’s turnover in the year was around GBP 2 billion, which is ISK 420 billion.
Iceland Supermarkets president Malcolm Walker said in an interview with RetailWeek that the chain is not being affected by the recession currently ravaging the British economy. In the interview he says that Iceland’s enviable position is largely the result of an excellent management team, “The best I have ever known,” he says. Walker went on to say that good staff morale among Iceland’s 20,000 employees also helps greatly.
Walker stated that there are no plans for Landsbanki to sell its 14 percent stake in the retail chain.
Iceland has plans to open 20 new stores this year in addition to the 51 former Woolworths stores which will be reopened under the Iceland brand.
Whats the point of this news??? I saw the article in the “mainstreem media” and thought to myself: Its incredible how much they are trying to manipulate the people with headlines, and then I come here and see the same here, the goberment is so deperate to give people some “positive ” news and there are none so they decide to trick them into tricky headlines, hope Icenews is not takeing part on this.
Hi Easy,
It was not our intention to mislead at all. When writing the headline I wanted to create interest in the story and possibly raise a smile. In the context of the supermarket, the headline is entirely true. And as the supermarket is mentioned at the very beginning of the article, I hope any misunderstanding will quickly disappear.
Thanks for your comment
Alex, editor
I loved it. It broke my serious mode and gave me that often needed step-back and relax time. Good one!
And of course this gives a concrete idea of that not all of Icelandic banks assets in UK retail sector are gone belly up.
But Jón Ásgeir did spend too much on many his later buyings.
( Those UK business men shareholders that took that money that Jón bankers did lend him to buy them are not ones upset. It is creditor of banks short term. )
Nice headline! But even a drunk Alzheimer’s sufferer would guess it referred to the food chain…
> the recession currently ravaging the British economy
Well, British economists now think that the UK recession bottomed-out in March and that GDP has already started growing again.
the Economic Recession has been pretty hard on us. some of my friends lost their job because of the massive job cuts. i just hope that our economy becomes better in the following years.