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Iceland reports rise in sales and profits

Iceland Foods saw a 1.1% increase in like-for-like sales in the year to 29 March 2013 as the frozen food retailer opened 36 new stores across the UK.

GENERAL MERCHANDISE

Iceland reports rise in sales and profits

Iceland Foods saw a 1.1% increase in like-for-like sales in the year to 29 March 2013 as the frozen food retailer opened 36 new stores across the UK.

Total sales rose 1% to £2.64 billion with underlying growth for the 52 week period of 3.1%. Adjusted EBITDA increased by 0.6% to £226.3 million.

In the first results delivered since the company’s management buyout in March 2012, Iceland said it had performed strongly despite "intense competition" from the major multiples. 

During the year the company opened 36 new stores and closed three, ending the year with 790 Iceland stores.  In September 2012, Iceland completed the disposal of 54 Cooltrader stores to Heron  Foods as it refocused its efforts on growing and developing the Iceland brand. 

The company also acquired key ready meal supplier Loxton Foods as it looked to benefit from vertical integration and to accelerate the rate of product innovation.

Commenting on the results, chairman and chief executive Malcolm Walker said: "During a very busy year for the group we have not only delivered strong results, but also strengthened our focus through the sale of the Cooltrader business, taken an important step towards vertical integration with the acquisition of our own ready meal manufacturing facility, and laid the foundations for further growth of the Iceland brand internationally."

Looking ahead Walker added: "During the year we plan to open a further 40 new Iceland stores in the UK, creating some 2,000 new jobs.

"We will offer our customers the ability to shop with us online, building on the successful initial trials of the service in selected stores that began last month.

"We will also continue to identify and exploit opportunities to further develop the Iceland brand internationally."

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