Baugur to expand - annual earnings report - Brief Article

Eurofood, March 29, 2001

Icelandic retailer Baugur is looking to expand its operations this year despite a 6% decline in its full-year profits. Group net profit fell to Ikr591m (7.4m [European Dollar]) on a turnover that had risen 6% to Ikr26.5bn. Baugur blamed the profit dip on difficult market conditions, with the depreciation of Iceland's currency last year impacting.

Baugur wants to open six new stores this year, including a 10 000[m.sup.2] supermarket at the nation's largest shopping centre.