Iceland to open 50 new stores
Iceland has unveiled plans to open 50 new stores after confirming that sales increased by 4.5% to £3.08 billion in the 52 weeks to 29 March.
However, EBITDA in the period dropped by 8.7% to £140.1 million after the frozen food retailer faced increased staffing and distribution costs, and invested in price and its store network.
During the year Iceland opened 45 new stores. This included 31 larger stores under The Food Warehouse fascia.
Reporting on current trading, Iceland said group sales are continuing to grow as it benefits from the new store openings. The retailer is looking to open 50 new stores in the current financial year.
Looking at its online business, Iceland said it is extending its ranges for customers and rolling out online picking across The Food Warehouse stores. It is also rolling out a new text service which will be completed this summer. This will include customers receiving live order updates and a 30-minute delivery window.
Iceland group chief executive Tarsem Dhaliwal said: “Within an intensely competitive UK market place, adversely affected by consumer uncertainty and the well-known pressures of changing shopping habits on the high street, we have continued to focus on investing for the future.
“Our sustainability initiatives over the last year have substantially raised public awareness of Iceland and enhanced respect for our brand and its values, and we are confident that this can only enhance our prospects in the longer term.”
