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
Morrisons raises store freezer temperatures to limit carbon emissions
Morrisons has launched a new trial to increase the temperature…
Read more >McCain Foods to close UK factory, 115 jobs at risk
Canada’s McCain Foods has conducted a review of its UK…
Read more >Asda co-owner injects £30m to ‘improve store experience’ to stop falling sales
Asda co-owner Mohsin Issa is to inject an emergency £30m…
Read more >Related news
A new office responsible for food safety and retail trade can be established under the leadership of Márton Nagy
A new top organization called the National Trade Office could…
Read more >K&H: Almost two-thirds of businesses are planning development
The majority of domestic micro, small and medium-sized enterprises, 61…
Read more >KSH: industrial production fell by 8.2 percent in June
In June 2024, the volume of industrial production was 8.2…
Read more >