Iceland upbeat despite flat like-for-like sales
SUPERMARKET chain Iceland saw total revenues increase by 2.7% to £2.7bn last year, but like-for-like sales were flat and earnings fell.
However, the group said it was well-placed in an “intensely” competitive retail environment by focusing on price and expanding its online service to 280 shops.
The group, based in Deeside, said pre-exceptional earnings before interest, tax, depreciation and amortisation (EBITDA) were down 10% to £202.2m, reflecting investment in stores in the UK and abroad.
During the year to the end of March, the group opened 46 new UK shops, closed three and acquired seven franchised shops in Ireland.
It also opened two shops in the Czech Republic, taking the total to three, and started exporting products to the Middle East and South Africa. The group now employs around 25,000 staff at 833 stores and is planning to open a further 40 this year.
Chief executive Malcolm Walker said: “This has been a year of major investment for Iceland both at home and overseas. In the UK we accelerated our expansion programme with the opening of 46 new stores and also rolled out our online shopping offer to 280 stores.
“Overseas we began to serve important new export markets in South Africa and the Middle East, acquired the formerly franchised Iceland stores in the Republic of Ireland and opened two additional stores in the Czech Republic.”
