Belfast Telegraph

Iceland 'is confident of future'

By Roger Baird

Iceland said it was well placed to weather the current supermarket price war after a year in which its underlying sales held firm but profits dropped.

The frozen food retailer, which has 833 UK stores and employs 25,500 staff, saw earnings fall 11% to £202.2m in the year to March 28 due to the cost of rolling out a new online service and expanding abroad.

Sales were up 2.7% to £2.7bn and unchanged on a like-for-like basis after a year of intense competition as the four major supermarkets cut their prices in order to grapple with discount rivals Aldi and Lidl.

The Deeside-based business said the sector was undergoing a period of major change but that it outperformed the leading multiples.

Belfast Telegraph