Iceland's sales and profits soar

Like-for-like sales increased by 16%, up from £1.79bn in 2008 to £2.08bn this year. Net profit before tax was also up 84% to £113.7m, compared with £61.7m last year. According to the retailer it is the fourth consecutive year of double-digit, like-for-like growth.

Malcolm Walker CBE, chief executive at Iceland, said that the strong results were the result of continuing to focus on the frozen food market. Walker also added that its Bonuscard loyalty scheme, which launched nationally during the year, now has more than 2.5 m members.

During the current financial year the family-focussed retailer plans to open 70 new stores, 51 of which are the result of the acquisition of Woolworths stores in January.

This article was first published on marketingmagazine.co.uk