Iceland makes record profits
Iceland made a record profit last year after it benefited from lower energy costs and the popularity of its £1 value range.
The Times reported at the weekend that the supermarket has told bondholders that underlying profit rose by 24% to £315.7 million in the year 29 March. Sales were also up, increasing by 6.6% to £4.2 billion, although there was an extra week of trading in the reporting period compared to the same time in the prior year.
After being expanded, its £1 value range now has nearly 700 items including products such as wafer thin roast chicken, thin cut pepperoni pizza and packs of 10 sausages.
Iceland was hit by the surge in electricity costs for its large freezers after Russia invaded Ukraine in February 2022, but these eventually fell back.
Looking at the year ahead, Iceland told investors that it expects profits to grow, but did not specify target.
Last month, Iceland released its Frozen Out supermarket ‘manifesto’ as it looked to give colleagues and customers a voice in the run-up to the General Election.
