ICELAND

All,

Kantar have been out with grocery growth rates for the 12 weeks to Feb 24th  (which overlaps Iceland's last reported period in December). According to the report Iceland were up 1.7% YoY (not LfL) in that time and in line with the market. 

However, this roughly translates into -2.8% LfL, given the growth of the estate and not at all positive. 

As a reminder, the current reporting quarter will have one week less than the comp period last year and easter is differently timed. So we are expecting negative growth. Whether or not the Kantar statement would have anything to do with that is unclear. In theory their numbers are generated from consumers, not accountants. 

Kantar's numbers are not at all consistent with the trends we have been observing and if anything the run-up to Christmas should be a stock-piling tailwind. So we take note of the report, but are sticking with our position and keep a look-out for further data points.

Wolfgang