Iceland’s sales are up 16 per cent on last year thanks to the return of its founder, Malcolm Walker, according to Walker himself.
In a recovery that Walker claimed ‘completely eluded the previous management’, the former boss said Iceland would become the UK’s fastest growing retailer.
Whilst the figures are healthier than last February when underlying sales were down ten per cent, Walker conceded that the sales growth was not sustainable. But Walker said that even with the closures and the recent sale of stores to Marks and Spencer, next year’s weekly sales would be more than they were last year,
Walker was originally forced out by a share scandal in 2000, and replaced by ‘the two Bills’: William Grimsey and William Hoskins.
After regular profit warnings, Iceland-based investment company Baugur bought shareholders out.
In a scathing attack on his predecessors, Walker told the Guardian: “It’s not rocket science. I ran this business for 30 years and increased sales profits for 29 of them.
“Now I’m back and sales on the increase again, but that’s probably just coincidence.
“They had four store formats. I only have one format: frozen food stores.”
