Tuesday, March 19, 2019

Iceland LFLs up 1.1%


Frozen food & grocery retailer Iceland has seen like-for-like (LFL) sales rise 1.1 per cent in its full year following a management buyout, results released today reveal.

For the 52 weeks ended March 29th 2013, adjusted EBITDA rose 0.6 per cent to £226.3 million while group sales climbed one per cent to £2.64 billion.

Over the period, the retailer opened 33 stores, creating 1,250 jobs and intends to an additional 40 across the UK in the current year.

Last June, the retailer acquired ready meal supplier Loxton Foods Limited, renaming it Iceland Manufacturing Limited in a strategic acquisition aimed at speeding up product innovation in a bid to “strengthen its competitive edge”.

Iceland became embroiled in the horsemeat scandal earlier this year, though said that it responded “swiftly and effectively” to the problem and now ensures “rigorous” testing across its ranges.

Further expansion of its exports and retail franchising operations are planned for the year ahead while the retailer is also eyeing further acquisitions and store openings overseas after appointing former Aldi boss Paul Foley as International Business Director last September.

Looking ahead, a statement from the retailer said: “Iceland will continue to focus on satisfying our customers by offering great value, maintaining and improving the quality of our products, increasing the pace of innovation and providing great service by the best team of colleagues in UK retailing.

“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.”