Iceland beats recession, significant growth not slowing

pizzaIceland 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.

Comments are closed.