Iceland posts record profits as £1 range sales soar
Iceland Foods hit record profit last year as cash-strapped shoppers embraced its £1 value range.
The frozen food retailer told bondholders last week that in the year to 29 March, underlying profits jumped 24% to £315.7m, while sales edged up 6.6% to £4.2bn.
Over the past year, the grocer has been expanding its £1 value range to more than 700 products, having added 50 new own-brand and branded items earlier this year.
In the first half of January when the range was initially extended, sales of this line rocketed 61%.
Over the past few years, the retailer, which is heavily reliant on freezers, has struggled with high electricity bills, having faced a annual rise of £94m in its annual energy bill in 2022/23.
However, Iceland has reduced its electricity consumption by 10% over the last year, at the same time prices have largely returned to normal.
The frozen food chain told investors that in the year ahead it expects to grow profits again, however it did not issue an exact target.
Grocery Gazette
Related news
Sainsbury’s tea returns to Fairtrade label
The move is expected to generate over £1m ($1.34m) a…
Read more >Deliveroo launches new home delivery service
Deliveroo’s new Deliveroo Express service in the UK and Ireland…
Read more >Aldi launches still prosecco in ‘UK first’
Aldi has launched a new still prosecco in what it…
Read more >Related news
GKI Analysis: Without EU funds, the domestic economy would just flounder
On May 1, Hungary marks the 21st anniversary of joining…
Read more >Csökkentette az élelmiszerárakat az árrésstop és az online Árfigyelő bővítése
2025 áprilisában csökkent az infláció és az élelmiszerárak növekedési üteme…
Read more >NGM: we always take action against unjustified price increases, inflation may decrease further in the coming months
The government is successfully fighting price increases. In April, inflation…
Read more >