UK: Iceland to open up to 30 stores in 2010/11
UK frozen-foods retailer Iceland Foods will continue to expand in its current financial year and has set out plans to open up to 30 stores.
The company enjoyed double-digit growth in sales and earnings in the year to 26 March after opening 74 outlets - 51 on former Woolworths Group sites.
Iceland plans to press ahead with more openings this year, a spokesman for the retailer told just-food.
"Twenty to thirty stores this year will be the fastest rate of opening since the management team returned in 2005, apart from last year when there was the exceptional factor of the Woolworths acquisition," the spokesman said.
Iceland closed a "significant" number of stores in 2005/06 and "net openings" up until the company's last financial year was in the "low single digits", the spokesman added.
Iceland ended its last fiscal year with the Icelandic government as its controlling shareholder. Management, including chief executive Malcolm Walker, remain minority investors.
The spokesman, however, declined to comment on the future of the retailer's ownership structure.
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