Iceland has announced plans to open 50 new stores. This comes after the retailer confirmed that its sales increased by 4.5% to £3.08 billion in the year to March 29th.
EBITDA on the period dropped by 8.7% to £140.1 million after an increase in staffing and distribution costs.
Iceland opened 45 new stores in the year, including 31 larger stores under The Food Warehouse fascia.
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.’
