Iceland’s biggest grocery retailer, Baugur, has posted a net loss of IKr354m (US$4m) for its fiscal second quarter, mainly due to losses in the US.
Baugur, which recently acquired a 15% share in UK frozen foods company Big Food Group, says the losses were the result of problems at its US 384-outlet Bonus Store chain.
The net loss was on sales of Kr12.8bn and compared badly with analysts’ expectations for profits of around Kr120m.
Sign up for our daily news round-up!
Give your business an edge with our leading industry insights.
Just Food Excellence Awards - Have you nominated?
Nominations are now open for the prestigious Just Food Excellence Awards - one of the industry's most recognised programmes celebrating innovation, leadership, and impact. This is your chance to showcase your achievements, highlight industry advancements, and gain global recognition. Don't miss the opportunity to be honoured among the best - submit your nomination today!
Nominate Now
