Food retailer toasts a successful financial year, and also plans to open 40 new stores in 2014, creating 1,250 jobs
Iceland Foods is toasting a successful year of trading after generating group sales of £2.71 billion, up 2.7% on the previous year.
The UK supermarket chain posted the results – largely driven by new store openings and group expansion – through its holding company Topco for the 52-week period to the end of March 2014.
Like-for-like sales in the company’s last financial year, though, were flat, and adjusted EBIDTA fell 10.6% to £202 million, reflecting “major investment for sustainable future growth in the UK and abroad.”
A spokesperson for Iceland Foods also confirmed that the Malcolm Walker-led business is on track to open 40 new stores this year, creating 1,250 jobs in the process.
Walker said: “This has been a year of major investment for Iceland both at home and overseas. In the UK we accelerated our expansion programme with the opening of 46 new stores and also rolled out our online shopping offer to 280 stores.
“Overseas we began to serve important new export markets in South Africa and the Middle East, acquired the formerly franchised Iceland stores in the Republic of Ireland and opened two additional stores in the Czech Republic. We were also delighted to regain our title as the Best Big Company To Work For in the UK.”
During its most financial year, the business reduced its net debt from £875.2 million to £805.1m.
At year’s end, Iceland Foods operated 844 stores in the UK and internationally, compared to 793 a year earlier, and currently boasts a workforce of 25,000 people.