Profits soaring for Deeside-based food retailer Iceland

Deeside-based food retailer Iceland has reported strong profit growth today.

The climb in profits is the result of a “set of strategic initiatives” which began in 2015 said, CEO Malcolm Walker and include revamped product ranges and the development of a new store format.

Five Iceland stores have been revamped in the new format so far, they include our very own Shotton store as well as ones in Greater London, and Northern Ireland, a national roll out of the new concept is set to begin across the country.

Despite the UK food retail market remaining ‘intensely competitive and keenly focused on price’  in the year to March, full year profits rose 6.3 per cent to £160 million, with a sales boost of 4.4 per cent to £2.8 billion while like-for-like jumped two per cent.

Iceland say they have enjoyed particular success in frozen fish and seafood and see themselves as the UK’s leading specialist.Other new ranges such as luxury meats and “Takeaway” prepared meals have also been a success.

Other new ranges such as luxury meats and “Takeaway” prepared meals have also done well.

The frozen food specialist saw sales in the run up to Christmas rise to their highest level for four years.

Iceland outgrew the big four Asda, Tesco, Morrisons and Sainsbury’s supermarkets over the festive period.

The company invested £2 million on a development kitchen at the Deeside HQ, which is creating innovative new products like the summer barbeque range featuring Red Shrimps, Belgian Blue Steaks, Steak Miso Burgers, Purple Fries and Dirty Wedges.

The retailers “Power of Frozen” marketing and PR campaign, which has reached millions through its award-winning social media presence as well as tradition channels, has played a significant role in changing public attitudes towards frozen food.

Iceland Founder & Executive Chairman Malcolm Walker CBE commented:

The set of strategic initiatives we began in 2015, with the aim of differentiating Iceland, changing consumer perceptions and so restoring growth to our business, bore fruit in the year under review.

Like-for-like sales performance improved throughout the year to make us one of the UK’s fastest-growing food retailers by the year-end.

Iceland ended the financial year with its best-ever product offer, strengthened management, high morale and growing confidence in our ability to achieve continued growth by simply being ourselves.

Outlook

The company says it has made a solid start to trading in new financial year, like-for-like sales growth “remains positive, continuing the trend of the last financial year”

The economic environment will clearly remain uncertain until we achieve clarity on the timing and nature of Brexit the companies says, “never the less, we are confident of our ability to meet our internal targets for EBITDA and cash generation in the current year.”

Deeside based Iceland is BEST for online shopping according to latest Which? customer survey